April 15

Is America About To Stumble Into A Credit Default?

NOTE: A version of the following commentary appeared in Forbes magazine online on April 14, 2014. Markets everywhere breathed a sigh of relief in February when the GOP-controlled House of Representatives allowed the debt ceiling to be suspended without another tussle with the White House over spending. Whatever the political or budgetary merits, the world of finance and business cheered that the “full faith and credit” of the United States government would not be compromised by failure to me...

March 20

RepealFATCA.com Roundup: News and Commentary on the Approaching FATCA ‘Train Wreck’

This RepealFATCA.com bulletin rounds up some important news and commentary from around the world on the looming July 1, 2014, “train wreck” of the “Foreign Account Tax Compliance Act” (FATCA). The headlines: Even Tax Compliance Experts Decry Looming “Train Wreck,” Impossibility of Meeting IRS’s Requirements. Treasury (Inadvertently) Admits FATCA is a “Fishing Expedition.” Lack of “Reciprocity” Fatally Undermines Both FATCA and OECD “Information Exchange.” Rob Portman (Ohio): Big Pickup ...

March 19

Obama Bypasses Congress to Foist “Imperialist” Tax Plot on World

As part of a fiendish effort known as FATCA supposedly aimed at extracting an extra billion or so dollars from U.S. taxpayers each year, the Obama administration is bypassing Congress to impose a far-reaching new tax regime on the world, and domestically on the United States. Experts and analysts say the scheme could destabilize the U.S. financial system and potentially even spark another economic crisis due partly to executive-branch mandates on American banks; yet the IRS and the U.S. Treasury...

March 4

Enforce Canadian Law, Not FATCA

NOTE: The following commentary appeared in the Toronto Star online on March 3, 2014, and in the print edition on March 4, 2014. Below is the text as submitted, including source links that do not appear in the published version. Canadian visitors to Washington sometimes wonder why their embassy stands at the foot of Capitol Hill. The answer? To be close to where Canada’s laws are made. Case in point, on February 5 Jim Flaherty's Finance Ministry announced a so-called “intergovernment...

February 3

Republicans Launch ‘Abolish FATCA’ Petition Site

In a follow-up from the adoption by the Republican National Committee (RNC) of a  resolution to repeal FATCA (the “Foreign Account Tax Compliance Act”) proposed by Republicans Overseas (RO), a new “Abolish FATCA” link ( http://abolishfatca.com/live/) has now been posted inviting U.S. Citizens, Green Card-holders, and former U.S. Citizens to petition Congress to get rid of what RepealFATCA.com calls “the worst law most Americans have never heard of.” In addition, Solomon Yue, Jr., Repu...