Paul L. Caron

Wednesday, March 5, 2014

Tax Provisions in President Obama's FY2015 Budget

Green BookPresident Obama yesterday released his Fiscal Year 2015 Budget. The Treasury Department released the 297-page Green Book (General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals) (revenue tables here).

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I forgot to add, should my other comment come out of moderation, that the FATCA reciprocity provisions are on page 203 of the Budget Greenbook under the heading of ...PROVIDE FOR RECIPROCAL REPORTING OF INFORMATION IN CONNECTION WITH THE IMPLEMENTATION OF THE FOREIGN ACCOUNT TAX COMPLIANCE ACT

Posted by: Just Me | Mar 5, 2014 10:16:08 AM

All those headlines, and NOT a mention of the BIGGIE.... A domestic FATCA or DATCA is to be imposed on the US financial institutions (USFIs) as a direct blow back of Treasuries actions in creating FATCA IGA (non treaties) and signing them with various countries around the world.

This meets the promises of their Article 6 (1) to ... 'advocating and supporting'[sic] relevant legislation to achieve such equivalent levels of reciprocal automatic exchange"

So FATCA is begetting a DATCA, and it has already bred a global GATCA, in the form of the OECD Common Reporting Standards (CRS) that America is enthusiastically supporting, even though it has as it foundation residency based Taxation (RBT) versus FATCA which is based upon Citizenship Taxation (CBT) and so is in direct conflict on the most basic level of who can a nation tax!

Posted by: Just Me | Mar 5, 2014 10:13:03 AM