podesta_email_19056.txt

podesta-emails 873 words email

P17 D4 V16 D6 V15

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Thank you. Let me know how I can be of help in the future. Joseph Smallhoover Partner Bryan Cave LLP 78 Avenue Raymond Poincaré 75116 Paris Tel.: +33.1.44.17.77.10 Mob.: +33.6.19.75.22.06 [email protected] www.bryancave.com From: John Podesta Sent: Friday, May 15, 2015 21:48 To: Smallhoover, Joseph Subject: Re: Overseas Americans Key Issue: FATCA/FBAR Reform Thanks for the information you gave me--I've circulated it with our policy team so we can develop a response. Best, John On Mon, May 11, 2015 at 11:58 AM, Smallhoover, Joseph <[email protected]<mailto:[email protected]>> wrote: Dear John, It was a pleasure speaking with you earlier this afternoon. Just to give you an idea of my credentials, I am the former Chair of Democrats Abroad, as well as having been its Vice Chair and for many years its International Counsel. I am currently the Chair of Democrats Abroad France and was a Hillary delegate in 2008. Currently I am one of the members of the FATCA/FBAR Task Force of Democrats Abroad. FATCA stands for Foreign Account Tax Compliance Act and FBAR stands for Foreign Bank Account Report. FATCA was enacted as part of the HIRE Act and while well-intentioned clearly did not take into account the collateral damage it would do to the 6 to 7 million US civilians living outside the US. FBAR is much older but it to is creating havoc. Democrats Abroad has been working on obtaining some kind of reform of the legislation or regulations that would continue to pursue tax cheats but leave the vast majority of overseas Americans unperturbed. I am sending you a link to a series of documents that are available on the Democrats Abroad website based on our research, an extensive survey and a lot of work: his is a link to where the report (including the report, exec summ and datapack) is published on the DA website. https://www.democratsabroad.org/group/fbarfatca/democrats-abroad-publishes-fatca-research-fatca-affecting-everyday-americans-every Long link, but there it is. You'll have to print out the documents yourself. You’ll find that the impact of middle class overseas Americans, and that is the vast majority of folks – not the folks you met earlier today at McGuire Woods, but many of those you will meet this evening. And in particular, the impact is harsh on women, as our survey shows. There are calls to abolish the Citizenship Based Taxation system altogether, and replace it with a Residence Based Taxation system, and indeed Democrats Abroad just adopted a resolution to that effect – I can’t send you the final text of that resolution as it has not yet been posted. The GOP is very active in raising money and garnering attention on both FATCA/FBAR and on Residence Based Taxation, as witnessed by Republicans Overseas Facebook page: https://www.facebook.com/republicansoverseas The page itself doesn’t have many likes, but it makes a lot of noise in the overseas community and there are a number of blogs (pretty much hair on fire stuff) that raise the same issues and get folks all wound up, calling not for reform but outright repeal. FATCA/FBAR is going to be a crucial issue among overseas American voters and the Republicans will make a lot of hay out of it. Both Paul and Cruz have taken clear stands on it already and one would expect that the others will all follow suit. The proposal by Democrats Abroad and a couple of other overseas civic organizations would not abolish FATCA/FBAR but limit its effect to the true targets. As it works today, FATCA/FBAR is almost like a reverse fish net, catching the little fish who can’t afford costly tax advice and letting the big fish who can afford it swim away. I believe that an early stance by Hillary on the problem, calling for reform, would undercut the Republican argument and make it far easier for us to raise money abroad and to get out the Democratic vote. I would be more than happy to discuss this in depth with the appropriate folks on the campaign. ýMany thanks for your help. [Bryan Cave Logo] Joseph J. Smallhoover Avocat à la Cour / Partner T: +33 (0)1 44 17 77 10<tel:%2B33%20%280%291%2044%2017%2077%2010>+33 (0)1 44 17 77 10<tel:%2B33%20%280%291%2044%2017%2077%2010> F: +33 (0)1 44 17 77 77<tel:%2B33%20%280%291%2044%2017%2077%2077> M: +33 (0)6 19 75 22 06<tel:%2B33%20%280%296%2019%2075%2022%2006>+33 (0)6 19 75 22 06<tel:%2B33%20%280%296%2019%2075%2022%2006> BRYAN CAVE LLP 78 avenue Raymond Poincaré, 75116 Paris, France [email protected]<mailto:[email protected]> linkedIn<https://fr.linkedin.com/in/josephsmallhoover> Data Matters<http://bryancavedatamatters.com/> bryancave.com<http://www.bryancave.com/> | A Global Law Firm Membre des Barreaux de Paris, Pennsylvanie et Californie ________________________________ This electronic message is from a law firm. It may contain confidential or privileged information. If you received this transmission in error, please reply to the sender to advise of the error and delete this transmission and any attachments. bcllp2015