PREP Podcaster - ”Success Favours The PREPared Mind”

In 1978 The US Had A Law Promoting Fair And Equitable Treatment For Americans Abroad

July 14, 2022 - Participants Include:

Dr. Karen Alpert - @FixTheTaxTreaty

Dr. Laura Snyder - @TapInternation

John Richardson - @Expatriationlaw

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Once upon a time, back in the last century, the US passed a law which stated:

 

Some Context: America and Americans Abroad in the late 1970s:

In 1978 Congress enacted a law calling for the Equitable Treatment By United States Of  Its Citizens Living Abroad

EQUITABLE TREATMENT BY UNITED STATES OF ITS CITIZENS LIVING ABROAD

Pub. L. 95-426, title VI, Sec. 611, Oct. 7, 1978, 92 Stat. 989, as amended by Pub. L. 96-60, title IV, Sec. 407, Aug. 15, 1979, 93Stat. 405; Pub. L. 97-241, title V, Sec. 505(a)(2), (b)(1), Aug.24, 1982, 96 Stat. 299, provided that:

“The Congress finds that –

“(1) United States citizens living abroad should be provided fair and equitable treatment by the United States Government with regard to taxation, citizenship of progeny, veterans’ benefits, voting rights, Social Security benefits, and other obligations, rights, and benefits; and

“(2) United States statutes and regulations should be designed so as not to create competitive disadvantage for individual American citizens living abroad or working in international markets.”

 

To read and understand this history see:

https://threadreaderapp.com/thread/1546790694013976576.html

In 1982 Congress repealed that law on the grounds that it was an "obsolete provision".

The report to Congress may be read here:

https://babel.hathitrust.org/cgi/pt?id=pur1.32754074746458&view=1up&seq=112&skin=2021

 

 

 

How The U.S. Tax System Has Turned U.S. Citizenship Into A Global Disability

July 14, 2022 - Participants include:

Greg Swanson - @IntlOwl

John Richardson - @Expatriationlaw

Great discussion with Greg Swanson who is a U.S. citizen living in Switzerland.

Greg asks an important question for the 21st Century:

Why should a U.S. citizen living outside the United States, not have the same opportunities in life as his neighbour - a German citizen - living outside of Germany?

The U.S. extraterritorial tax regime has turned U.S. citizenship into a disability.

Greg has written some great articles which are available on Medium.

 

 

 

Citizenship And Residency By Investment: Understanding The US Market

March 22, 2022 - Participants Include:

Stephane Tajick - GlobalRCG.com

John Richardson - @Expatriationlaw

This is the second of two podcasts with Stephane Tajick which took place on March 22, 2022. The first podcast discussed the state of the Investment Migration industry in general.

This second podcast focuses on the U.S. market.

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In General ...

More and more people are understanding the importance of "global mobility options". For some people this is a second residence. For some it is a second citizenship. The last decade has witnessed the growth of "Citizenship By Investment".

"Citizenship By Investment" programs allow people to acquire a second citizenship in return for some sort of cash payment. The growth of the industry has generated  opposition to these programs. Citizenship by investment should not be confused with "tax residency". Nevertheless, various governments have taken the position that "citizenship by investment" programs should end. 

The recent Russia/Ukraine conflict has generated sanctions against both Russia and many Russian citizens. Some of the sanctions against Russian citizens have been in the form of denying Russian citizens access to "citizenship by investment". 

My guest, Stephane Tajick, recently wrote an article in the IMI Daily questioning the continued existence of "citizenship by investment" programs. He asks:

"Are We Witnessing The Extinction Of Citizenship By Investment?"

Stephane joins me to discuss this question ...

 

For Good And Evil: The Teaching Of Charles Adams Lesson 21

June 27, 2022 -  Participants include:

 

John Richardson - @Expatriationlaw

Jimmy Sexton - @JimmySextonLLM

 

Continuing our podcast series:

For Good And Evil Podcast 1 - October 25, 2021

For Good And Evil Podcast 2 - November 1, 2021

For Good And Evil Podcast 3 - November 8, 2021

For Good And Evil Podcast 4 - November 15, 2021

For Good And Evil Podcast 5 - November 22, 2021

For Good And Evil Podcast 6 - November 29, 2021

For Good And Evil Podcast 7 - December 7, 2021

For Good And Evil Podcast 8 - January 10, 2022

For Good And Evil Podcast 9 - January 17, 2022

For Good And Evil Podcast 10 - January 24, 2002

For Good And Evil Podcast 11 - January 31, 2022

For Good And Evil Podcast 12 - February 7, 2022

For Good And Evil Podcast 13 - February 14, 2022

For Good And Evil Podcast 14 - March 7, 2022

For Good And Evil Podcast 15 - March 14, 2022

For Good And Evil Podcast 16 - March 20, 2022

For Good And Evil Podcast 17 - March 20, 2022

For Good And Evil Podcast 18 - April 18, 2022

For Good And Evil Podcast 19 - April 25, 2022

For Good And Evil Podcast 20 - May 2, 2022

 

In this episode we continue the teaching of Charles Adams - Lesson 21:

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21. "Progressive tax rates have no principles or standards and have quickly evolved into odious arbitrariness when directed at minorities rich in money but poor in votes."

For Good And Evil: The Teaching Of Charles Adams Lesson 22 - Fourth of July Edition

July 4, 2022 - Independence Day Edition - Participants include:

 

John Richardson - @Expatriationlaw

Jimmy Sexton - @JimmySextonLLM

The great American author Mark Twain was famous for many of his quotes. But, one of his most famous is:

"Patriotism is supporting your country all the time, and your government when it deserves it."

A perfect thought for a 4th of July podcast ...

 

Continuing our podcast series:

For Good And Evil Podcast 1 - October 25, 2021

For Good And Evil Podcast 2 - November 1, 2021

For Good And Evil Podcast 3 - November 8, 2021

For Good And Evil Podcast 4 - November 15, 2021

For Good And Evil Podcast 5 - November 22, 2021

For Good And Evil Podcast 6 - November 29, 2021

For Good And Evil Podcast 7 - December 7, 2021

For Good And Evil Podcast 8 - January 10, 2022

For Good And Evil Podcast 9 - January 17, 2022

For Good And Evil Podcast 10 - January 24, 2002

For Good And Evil Podcast 11 - January 31, 2022

For Good And Evil Podcast 12 - February 7, 2022

For Good And Evil Podcast 13 - February 14, 2022

For Good And Evil Podcast 14 - March 7, 2022

For Good And Evil Podcast 15 - March 14, 2022

For Good And Evil Podcast 16 - March 20, 2022

For Good And Evil Podcast 17 - March 20, 2022

For Good And Evil Podcast 18 - April 18, 2022

For Good And Evil Podcast 19 - April 25, 2022

For Good And Evil Podcast 20 - May 2, 2022

For Good And Evil Podcast 21 - June 27, 2022

In this episode we continue the teaching of Charles Adams - Lesson 22:

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22. "Patriotism is soluble in oppressive taxation, oppression in the rates of tax or in the manner in which taxes are assessed or collected."

Steve Hayes of FairTax.org: When It Comes To Taxation ”Simplicity Is Virtue” (And Moral)

June 4, 2022 - Participants Include:

 

Steven Hayes Fair Tax

Joe Howard - @EndCBTNow

John Richardson - @ExpatriationLaw

 

"In a sad voice, Jefferson says: When we wrote the Constitution, all of us knew history. We knew that great civilizations begin to decline when they introduced direct taxation. In the Constitution, we restricted direct taxation because we knew it would yield the same result experienced by other nations  using direct taxation-erosion of individual rights and the oppression of the minority by the majority because it could use its political power to use the government to steal from the minority."

From - "WOULD THOMAS JEFFERSON THINK WE ARE FREE?" - By Steven L. Hayes and Charles Adams

Notice that suggested connection between individual rights and tax rights!

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Continuing the discussion with Steve Hayes ...

On March 27, 2022 I hosted Jim Bennet of "Fair Tax" and learned about the "Fair Tax Proposal".  On April 13, 2022, Jim Bennet returned as a guest and was joined by Steve Hayes and Joe Howard. The April 13, 2022 podcast can be heard here.

Mr. Hayes and Mr. Bennet are the primary movers and creators of H.R. 25 "The Fair Tax Act of 2021" which can be viewed here.

So, what is the "Fair Tax" movement?

At the risk of oversimplification, H.R. 25 proposes to replace Subtitle A (Income Tax), Subtitle B (Estate and Gift Tax) and Subtitle C (Employment Tax) of Title 26 (The Internal Revenue Code)  with one comprehensive consumption tax.

If enacted the "Fair Tax" would create a U.S. tax system that:

-  was a territorial (tax imposed on activity in the US only) based on a consumption tax (tax imposed on consumption and not income)

- allowed certain low income people to apply for tax abatements

- made the U.S. a more attractive location for foreign investment and business activities

- ended the tax filing requirement for individual taxpayers (and therefore ended the "Regulatory Oppression" experienced by individuals in general and Americans abroad in particular)

- ending the relevance of "tax residency" because taxation would be based on spending only

- solved the problems of citizenship tax as experienced by US emigrants and accidental Americans

The adoption of the "Fair Tax" would result in a major change in US society. As the great tax historian Charles W. Adams taught:

As goes taxation, so goes civilization!

I strongly suggest that Americans abroad support the "Fair Tax" movement!

Looking For Mr. FBAR - A New Sighting - ”exercised control over and had access to the account”

May 22, 2022 - Participants include:

Virginia La Torre Jeker - @VLJeker

John Richardson - @ExpatriationLaw

 

On May 19, 2022 Virginia La Torre Jeker published a post about Paul Manafort and his adventures with Mr. FBAR.  Mr. Manafort was on the receiving end of three million in FBAR penalties. Because he had not paid, the US government began a  lawsuit to convert the FBAR penalty to a legally enforceable judgment. To understand the complete context of Mr. Manafort's meeting with Mr. FBAR, I refer you to Virginia's post. 

 

In relevant part her post included:

"Regardless, of the fact that others technically owned and operated some of the accounts, Manafort still exercised control over, and had access to, each of the accounts.  This means he had a “financial interest” in the accounts for purposes of the Bank Secrecy Act, and relevant regulations which includes in the definition of “financial interest” the case when “[t]he owner of record or holder of legal title is a person acting as an agent, nominee, attorney, or a person acting on behalf of the United States person with respect to the account.”

Interestingly paragraph 17 of the government's compliant included:

"17. Regardless, Manafort still exercised control over, and had access to, each of the accounts."

In this podcast we go back to the basics and discuss who exactly is required to file an FBAR and why. Our discussion analyzes the FinCEN FBAR instructions.

 

It all starts here. The instructions state that:

 

"Who Must File an FBAR. A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. See General Definitions, to determine who is a United States person."

Our concern - starting at the 32 minute mark of the discussion - is with "FBAR application creep". How long will it take before the test of "exercised control over" and/or "had access to" will be applied to the most pedestrian of situations?

In other words: First, Mr. Manafort. Now, the average person living abroad!

 

 

 

 

 

 

 

Meet Janine Seymour AKA MI’AZHIKWAN - Lawyer, Educator, Advocate and Mentor

May 14, 2022 - Participants include:

Janine Rachel Seymour -@MiAzhikwan

John Richardson - @Independents

On June 2, 2022, Ontario residents will vote for a new government. In addition to the mainstream parties the election includes a number of independent candidates.

This podcast is an interview with Janine Rachel Seymour who is running as an independent candidate. She is a member of a minority group that has experienced unprecedented discrimination in Canada.

Ms. Seymour is the kind of candidate who makes a difference simply by running!

(For more interviews with independent candidates go here.)

 

 

Thinking About Getting A Green Card? What You Need To Know, But Didn’t Know To Ask

May 11, 2022 - Participants include:

 

Dr. Karen Alpert - @FixTheTaxTreaty

Dr. Laura Snyder - @TapInternation

Keith Redmond - @Keith__Redmond

John Richardson - @ExpatriationLaw

In this podcast four of SEAT's founding members discuss how the US tax system (if properly understood) should impact the decision of whether to get a US "immigrant visa" AKA Green Card.

Emigrating from one country to another is a major life decision. But, for those with significant non-US assets the decision is more difficult.

One you become a US resident you are subject to the US system of US worldwide taxation, reporting and penalties.

These considerations impact:

1. Life before getting a Green Card

2. Life in the USA with a Green Card

3. Exiting the USA and moving back to your country of birth.

In this podcast we discuss many issues including how to seek the kind of assistance you will need!

 

 

For Good And Evil: The Teaching Of Charles Adams Lesson 20

May 2, 2022 - Participants include:

 

John Richardson - @Expatriationlaw

Jimmy Sexton - @JimmySextonLLM

 

Continuing our podcast series:

For Good And Evil Podcast 1 - October 25, 2021

For Good And Evil Podcast 2 - November 1, 2021

For Good And Evil Podcast 3 - November 8, 2021

For Good And Evil Podcast 4 - November 15, 2021

For Good And Evil Podcast 5 - November 22, 2021

For Good And Evil Podcast 6 - November 29, 2021

For Good And Evil Podcast 7 - December 7, 2021

For Good And Evil Podcast 8 - January 10, 2022

For Good And Evil Podcast 9 - January 17, 2022

For Good And Evil Podcast 10 - January 24, 2002

For Good And Evil Podcast 11 - January 31, 2022

For Good And Evil Podcast 12 - February 7, 2022

For Good And Evil Podcast 13 - February 14, 2022

For Good And Evil Podcast 14 - March 7, 2022

For Good And Evil Podcast 15 - March 14, 2022

For Good And Evil Podcast 16 - March 20, 2022

For Good And Evil Podcast 17 - March 20, 2022

For Good And Evil Podcast 18 - April 18, 2022

For Good And Evil Podcast 19 - April 25, 2022

 

In this episode we continue the teaching of Charles Adams - Lesson 20:

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20. "People tend to resist heavy taxation in the following ways: First, lawful avoidance; second, if avoidance fails, then either evasion or a flight to avoid tax; third, rebellion; and finally, when there is no other alternative, they have accepted the serfdom when it offered the only relief from outrageous taxation."