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Is Fatca a Good Thing?

bsh1
Posts: 27,504
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2/10/2016 6:55:19 AM
Posted: 10 months ago
Read and comments: http://www.bbc.com... Trust me, it's really interesting.
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Death23
Posts: 781
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2/10/2016 10:25:10 AM
Posted: 10 months ago
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

FATCA imposes reporting requirements on foreign banks that provide account services to Americans. I believe its purpose is to assist the federal government in collecting taxes and, to a certain extent, combat money laundering. My understanding is that the reporting requirements are similar to those imposed on American banks under the bank secrecy act, but the reporting requirements are not as intense.

I think it's a good thing. The government should have the appropriate legal tools to collect taxes and combat money laundering. Whether or not the taxes in question should be imposed in the first place is another issue.
augcaesarustus
Posts: 368
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2/10/2016 11:48:54 AM
Posted: 10 months ago
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.
imabench
Posts: 21,219
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2/10/2016 3:38:23 PM
Posted: 10 months ago
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....
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Greyparrot
Posts: 14,289
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2/10/2016 4:06:25 PM
Posted: 10 months ago
I think the idea of dual citizenship is a silly concept. Ether you think it's important to have the benefits and responsibilities of a country, or you don't.

Personally, I don't think it would be unfair for say, Canada to require Canadian citizens living in America to pay Canadian taxes to offset the benefits of being considered a legal Canadian citizen.
augcaesarustus
Posts: 368
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2/10/2016 11:59:24 PM
Posted: 10 months ago
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.
Greyparrot
Posts: 14,289
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2/11/2016 12:02:15 AM
Posted: 10 months ago
At 2/10/2016 11:59:24 PM, augcaesarustus wrote:
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.

If the cost of American citizenship is too high, then you will lose nothing by renouncing it.
augcaesarustus
Posts: 368
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2/11/2016 12:09:07 AM
Posted: 10 months ago
At 2/11/2016 12:02:15 AM, Greyparrot wrote:
At 2/10/2016 11:59:24 PM, augcaesarustus wrote:
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.

If the cost of American citizenship is too high, then you will lose nothing by renouncing it.

Well, I suppose that's true. It's also true that the process for renouncing it is quite tedious and costly; it's not like you just rock up at the embassy, sign the papers and you're done.
Greyparrot
Posts: 14,289
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2/11/2016 12:15:59 AM
Posted: 10 months ago
At 2/11/2016 12:09:07 AM, augcaesarustus wrote:
At 2/11/2016 12:02:15 AM, Greyparrot wrote:
At 2/10/2016 11:59:24 PM, augcaesarustus wrote:
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.

If the cost of American citizenship is too high, then you will lose nothing by renouncing it.

Well, I suppose that's true. It's also true that the process for renouncing it is quite tedious and costly; it's not like you just rock up at the embassy, sign the papers and you're done.

No more tedious than getting a driver's licence.

Any more 1st world problems you wanna bitch about?
augcaesarustus
Posts: 368
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2/11/2016 12:20:56 AM
Posted: 10 months ago
At 2/11/2016 12:15:59 AM, Greyparrot wrote:
At 2/11/2016 12:09:07 AM, augcaesarustus wrote:
At 2/11/2016 12:02:15 AM, Greyparrot wrote:
At 2/10/2016 11:59:24 PM, augcaesarustus wrote:
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.

If the cost of American citizenship is too high, then you will lose nothing by renouncing it.

Well, I suppose that's true. It's also true that the process for renouncing it is quite tedious and costly; it's not like you just rock up at the embassy, sign the papers and you're done.

No more tedious than getting a driver's licence.

Any more 1st world problems you wanna bitch about?

Actually, the process for renouncing American citizenship is more tedious than obtaining a driver's license.

In terms of first world problems, what about the high level of poverty in the US? Or the high level of violent crime? Shall we not bitch about these? What about the fact that the US has a history of slavery and discrimination, the extent of which has not be seen in other developed nations. Perhaps we could bitch about those issues too? What about the fact that the United States ranks comparatively low on the United Nations Human Development Index in comparison to other developed nations? Or the fact that a person like Donald Trump is even gaining traction in this presidential campaign.

The problem with 'first world problems' in the US is that they're not actually first-world problems, but third-world problems in a first-world nation.
Greyparrot
Posts: 14,289
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2/11/2016 12:29:29 AM
Posted: 10 months ago
At 2/11/2016 12:20:56 AM, augcaesarustus wrote:
At 2/11/2016 12:15:59 AM, Greyparrot wrote:
At 2/11/2016 12:09:07 AM, augcaesarustus wrote:
At 2/11/2016 12:02:15 AM, Greyparrot wrote:
At 2/10/2016 11:59:24 PM, augcaesarustus wrote:
At 2/10/2016 3:38:23 PM, imabench wrote:
At 2/10/2016 11:48:54 AM, augcaesarustus wrote:
At 2/10/2016 6:55:19 AM, bsh1 wrote:
Read and comments: http://www.bbc.com... Trust me, it's really interesting.

No, it isn't a good thing because no other country on earth has this law.

thats literally the dumbest reason ever to be opposed to a law....

As opposed to creating a situation in which hundreds of American citizens (including dual citizens) have to pay thousands of dollars to file a tax return, even if they don't earn any income in the US? I can understand if you are a recipient of social security or another government benefit, but if you're not receiving anything, why should one pay taxes? The Governments should target corporations trading overseas, and exclude individuals from this.

If the cost of American citizenship is too high, then you will lose nothing by renouncing it.

Well, I suppose that's true. It's also true that the process for renouncing it is quite tedious and costly; it's not like you just rock up at the embassy, sign the papers and you're done.

No more tedious than getting a driver's licence.

Any more 1st world problems you wanna bitch about?

Actually, the process for renouncing American citizenship is more tedious than obtaining a driver's license.

In terms of first world problems, what about the high level of poverty in the US? Or the high level of violent crime? Shall we not bitch about these? What about the fact that the US has a history of slavery and discrimination, the extent of which has not be seen in other developed nations. Perhaps we could bitch about those issues too? What about the fact that the United States ranks comparatively low on the United Nations Human Development Index in comparison to other developed nations? Or the fact that a person like Donald Trump is even gaining traction in this presidential campaign.

The problem with 'first world problems' in the US is that they're not actually first-world problems, but third-world problems in a first-world nation.

Sure, lets talk about the 1st world problem of being considered poor in America.