"It's growing. Obamacare is really not helping the youth. It will tax them for health insurance they don't need, AND it will also make it more difficult for them to find full time jobs." Continue reading →
"I flew to Switzerland and was hired by two large international firms at the same time within a few weeks, both offering double the pay and with better benefits. I had to choose. Months later, my spouse joined me there. 11 years later, I learned that Swiss banks were rejecting little people simply because they had US citizenship and as a result of US policy. It was clear that the US citizenship had to go. Overall, I find that the American job market is often trigger-happy, overreacting to strongly to non-issues. In Switzerland, I’m trusted, my skills and motivation are respected and appreciated and my minor human errors are forgiven. To anyone thinking about working in America: think again." Continue reading →
"Switzerland, which has strict privacy laws protecting customers’ confidential financial information, has effectively declared American citizens personae non gratae as far as their banks are concerned. Banks are shuttering accounts, refusing mortgages and refinances, and refusing to open accounts for Americans living abroad. The rules create an incentive for foreign employers to cease investing in America, avoid hiring Americans, or both. And in some cases, Americans have been refused employment or promotions at foreign companies because the job description requires them to be signatories on the company’s account." Continue reading →
"Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich, said uncertainty was 'one of the worst enemies in the financial world.' But more clarity could come at a steep price, even for banks that maintain they have done nothing wrong. Forced to cough up US client records, they are basically being 'deemed guilty until proven innocent,' Boss said. Hornung was even more critical. 'It's not really an agreement, but more of a dictate from the United States,' he said. And after suffering the onslaught from Washington, the biggest danger could lie ahead if European tax authorities decide to take the same route as their American counterparts, Hornung warned." Continue reading →
"FATCA only addresses current and future accounts held by Americans, but Bern also recently agreed to a controversial deal focused on making amends for past wrongdoings by the banks. That deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay 'substantial fines', and provide details on US citizens' accounts, including the sources and destinations of funds transferred to and from the accounts. The agreement, which is expected to erode Swiss bank secrecy laws, has come under widespread criticism, tempered by recognition that without a deal the country's all-important financial sector could lose access to the US market." Continue reading →
"A willful failure to file is considered a felony punishable by five years in prison. Holders of unreported foreign accounts have more than jail to fear. The IRS has proven itself very adept at finding taxpayers that have not filed an FBAR. Those that are caught can expect both a tax bill and a penalty assessment of the greater of $100,000 or half the highest balance in the account. Making things worse for taxpayers is next year’s looming FATCA law. If the IRS thinks you moved or renamed your account to avoid detection, chances of criminal prosecution increase dramatically. The Quiet Disclosure strategy not only doesn’t work, it sets up taxpayers for a huge interest and penalty bill." Continue reading →
"Well, that depends very much on who you are. For the same amount of protection money, you will get very different results. Companies with expensive international law firms on retainer have an irritating tendency to take their fights to Tax Court. Much better to go after soft & clawless prey who will roll over and beg for mercy because they’ve been psychologically conditioned with a visceral reflex against doing anything as 'drastic' as renouncing citizenship to protect themselves & their families." Continue reading →
"As Americans live and work overseas, they find themselves facing onerous tax reporting requirements designed to crack down on tax evaders. However, the paperwork and reporting requirements are exhausting. For a few Americans, it is easier to renounce their citizenship and escape the burden. Americans living overseas say they are weary of the paperwork and burdensome requirements. Most countries have lower tax rates and caps, which make it more attractive to become citizens elsewhere. Some citizens only retain their American passports for travel purposes, which makes the document very expensive." Continue reading →
"The fastest growing 'newspaper' in America is based in Manchester, England. The Internet analytics firm Compete.com found that the number of visitors to the website of The Guardian grew by 1111.75% in August and an astounding 671,389.51% over the past year. The main word that people going to The Guardian were searching for was 'Syria,' according to Compete’s blog. That would indicate Americans appreciate The Guardian’s skepticism of President Obama’s plans to attack Syria and its reputation for honest reporting. It also indicates that average Americans no longer trust their own media and are increasingly turning to a foreign news source." Continue reading →
"Mayer said she was 'proud to be part of an organisation that from the beginning, in 2007, has been sceptical of – and has been scrutinizing – those requests [from the NSA].' Yahoo has previously unsuccessfully sued the foreign intelligence surveillance (Fisa) court, which provides the legal framework for NSA surveillance. In 2007 it asked to be allowed to publish details of requests it receives from the spy agency. 'When you lose and you don’t comply, it’s treason,' said Mayer. 'We think it make more sense to work within the system,' she said. The meeting came as Yahoo and Facebook filed suits once more to force the Fisa court to allow them to disclose more information." Continue reading →