MARTIN O'MALLEY SUSPENDED HIS CAMPAIGN FOR PRESIDENCY FEBRUARY 1, 2016
Advocate for financial reform and gun control Martin O'Malley, former governor of Maryland, announced his candidacy for President on May 30 in Baltimore.
Born January 18, 1963 in Washington, D.C. and raised in Bethesda and Rockville, Maryland, O’Malley graduated from The Catholic University of America and earned a doctorate in law from the University of Maryland.Read more
As noted in our September update, a lawsuit challenging the constitutionality of FATCA is working its way through the courts. Yesterday the judge ruled on the plaintiffs’ request for a preliminary injunction which would bring the implementation of FATCA to a halt pending the outcome of the case.
Judge Rose of the Southern District Court of Ohio has denied the plaintiffs' request for a preliminary injunction.
The case will carry on and subject the law to some very interesting and important tests. We will continue to keep you apprised of developments. We believe, however, that destroying FATCA in the courts will take many years to come, and so we continue to call for immediate action by Treasury and the IRS that could relieve overnight the severe and unnecessary impact FATCA has on innocent Americans living abroad.
Please send questions or comments to email@example.com.
As those following FATCA would expect, a great deal has happened this month – and it is not over yet. This is due largely to (what we were treating as – see below!) the looming September 30 2015 deadline for the first transfer of the financial account information of US Persons to the IRS under the terms of the FATCA legislation, regulation and intergovernmental agreements.Read more
Democrats Abroad has submitted our Delegate Selection Plan to the DNC’s Rules and Bylaws Committee.
The Delegate Selection Plan governs the process by which members of Democrats Abroad have a voice in the selection of the Democratic Presidential nominee. It also provides Democrats living outside of the United States the opportunity to represent Democrats Abroad as delegates at the Democratic National Convention from July 25-28, 2016 in Philadelphia.
The proposed plan includes holding a Global Presidential Primary from March 1-8, 2016 in which votes may be cast in person, by regular mail, by fax, or by email. The plan also calls for Regional Caucuses in April or May and a Global Convention in mid-May.
More details to follow.
Update on our Grassroots Campaign in support of the FATCA Same Country Safe Harbor for Americans Abroad
It’s been a tremendously busy month for the FBAR/FATCA Task Force. I’ll try to keep this account of our work succinct:
- As you know from last month’s report, the co-chairs of the Americans Abroad Caucus, Rep Carolyn Maloney (D-NY) and Rep Mick Mulvaney (R-SC), have drafted a letter from Congress to the Treasury and the IRS asking for them to urgently implement the FATCA Same Country Safe Harbor for Americans abroad. Representatives Maloney and Mulvaney circulated the letter on Capitol Hill with a covering letter asking their Congressional colleagues to sign on.
- Democrats Abroad launched our grassroots campaign shortly thereafter, asking Americans abroad to message their members of Congress urging them to sign on to the letter. Our goal was 1,000 messages.
- At the end of the first week more than 5,200 individuals participated in the campaign.
Another step forward for FATCA Reform: Americans Abroad Caucus Chairs circulating FATCA reform “sign on letter” through the House.
This month Democrats Abroad and all those campaigning for relief from FATCA reporting for Americans living abroad hit a milestone in our advocacy campaign.Read more
Please note that the Task Force published a Special Update earlier this week on the publication in the New York Times of a nefarious Op-Ed suggesting that Democrats Abroad has neglected the interests of Americans abroad in the matter of FATCA. Democrats Abroad has responded with a Letter to the Editor of the New York Times refuting the claim by demonstrating that the Same Country Safe Harbor provision that we and the non-partisan organisations of Americans Abroad are working for have a far greater probability of providing urgent relief from the FATCA burdens than a repeal bill or constitutional challenge. We will notify members of the publication of our Letter to the Editor by the New York Times.
PRELIMINARY FINDINGS FROM RESEARCH ON FINANCIAL ACCOUNT CLOSURES
Many thanks to all who responded to our request for help with the next phase in our FATCA Reform research and advocacy work. We asked that Americans abroad impacted by FATCA-related financial account closures send to the FBAR/FATCA Task Force redacted copies of any bank documents - letters, emails, policy statements, other - that demonstrate a connection between FATCA compliance and a denial of financial service.Read more
Yesterday the New York Times published an Op-Ed about FATCA entitled “An American Tax Nightmare.” The piece is a fairly accurate portrayal of the problems FATCA has created for ordinary Americans living abroad.
The piece goes on from there with less accuracy and a measure of speculation dressed up as fact. Importantly, the piece suggests that Democrats Abroad and the Democratic National Committee have neglected the interests of Americans abroad where FATCA is concerned.
As you know, Democrats Abroad established the FBAR/FATCA Task force in 2011 and has been working to reform FATCA for the last four years. Our recommended FATCA reform is the Americans Abroad Safe Harbor. This provision would exempt from FATCA reporting the accounts of American citizens who are legally resident in the country in which the account is held. The non-partisan organisations representing Americans abroad also support the Safe Harbor reform and are actively advocating for it. Further, the Democratic National Committee demonstrated its support for FATCA reform with a resolution passed at its meeting in August 2014.Read more
Democrats Abroad responded to this invitation from the Senate Finance Committee to provide input and ideas on reforming the US tax code to one or more of five Tax Reform Working Groups. Democrats Abroad made a submission to the Individual Income Tax Reform Working Group and the International Tax Reform Working Group promoting our recommendation to reform FATCA, the FATCA Safe Harbor for Americans Abroad. Our submissions and attachments to the papers are attached herewith.
During the week starting Monday February 23, 2015 Democrats Abroad was part of a "delegation" of representatives** from the following organisations representing Americans living outside the US which had a series of meetings in Washington DC about FATCA:
- American Citizens Abroad (ACA)
- Association of Americans Resident Overseas (AARO),
- Democrats Abroad (DemsAbroad), and
- Federation of American Women’s Clubs Overseas (FAWCO) and FAWCO Alumni USA (FAUSA).
Subgroups of the members of the delegation conducted 35 meetings across the five days** with the offices of these officials and discussed 1) the adverse impact FATCA is having on Americans abroad and 2) reforming the FATCA implementation rules to create a Safe Harbor from FATCA reporting for Americans abroad and the banks and brokerage houses they have accounts with.Read more