The soft power of the American diaspora

by waybeyondthebeltway on October 24, 2011 in Americans Abroad with No comments

Earlier this month the Irish government hosted a gathering of Irish-American business leaders — the Global Irish Economic Forum — seeking to tap into the two year-old international network of Irish diaspora to help the country recover from its debt crisis. Deputy prime minister Eamon Gilmore told those gathered, “There is now a far greater appreciation of the fact that the global Irish, in all its diversity, constitute a vast source of soft power for this country.”

A week later, in a speech to the Economic Club of New York, Secretary of State Hillary Clinton remarked that:

Today, our foreign and economic relations remain indivisible. Only now, our great challenge is not deterring any single military foe, but advancing our global leadership at a time when power is more often measured and exercised in economic terms.

With the Irish seeking to avail themselves of the talents and soft power of the Irish diaspora, what lessons can the US learn? Can we take advantage of the corresponding network among the 6 million Americans living overseas to exercise our soft power and help right the American economy?

American Citizens Abroad

by waybeyondthebeltway on October 8, 2011 in Americans Abroad with 3 Comments

Please help American Citizens Abroad in their critical mission to advocate for Americans overseas.

Americans abroad

by waybeyondthebeltway on October 5, 2011 in Americans Abroad, General Interest with 1 Comment

Americans abroad play a crucial role in our economy and in our elections. Indeed, Americans living outside the U.S. helped decide the outcome of key races in 2008 with their votes making the difference in Senate races in Minnesota and Alaska. Yet Americans abroad do not compete on a fair and level playing field and the onerous double taxation to which we are subject makes our critical work to help boost U.S. exports and trade all that more difficult and ultimately may lead many of us to return home.

As Congresswoman Carolyn Maloney (D-NY) and Congressman Joe Wilson (R-SC), the founders and co-chairs of the Americans Abroad Caucus wrote to their colleagues on Capitol Hill when they started the caucus, overseas Americans are “unofficial ambassadors” of the United States, playing an important role in “strengthening the U.S. economy, creating jobs in the United States, and extending American influence around the globe.” It’s time Congress and the Administration recognize these simple truths and act to safeguard this vital segment of our society and our economy.

The Foreign Account Tax Compliance Act (FATCA)

by waybeyondthebeltway on September 29, 2011 in Americans Abroad, General Interest, Taxes with No comments

In a move that could ultimately affect the ability of all Americans abroad to use basic banking services, beginning in 2014, foreign financial institutions will be required by the US government under the Foreign Account Tax Compliance Act (FATCA) to report information regarding accounts of US citizens to the IRS. This law requires foreign financial institutions such as local banks, stock brokers, pension funds, insurance companies, etc. to report to all their clients who are “US persons” (citizens and green card holders whether living in the USA or abroad) directly to the IRS.

FATCA also requires US citizens who have foreign financial assets in excess of $50,000 to report those assets on a new Form 8938 to be filed with the 1040 tax return starting fiscal year 2011.

If you are an Americans abroad or know any Americans abroad, write to your Congressmen and encourage all of your American friends in the United States as well as those living abroad to join the massive write-in campaign lead by American Citizens Abroad. Click on the link for a model letter.

Middle class Americans abroad targeted by IRS

by waybeyondthebeltway on June 14, 2011 in Americans Abroad, Taxes with No comments

http://twitter.com/#!/peterdahlen/statuses/80511407409475584

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