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Collapsing Currency?

serfserf Member Posts: 7,523 ✭✭✭
edited September 2014 in Politics
This is FYI information,catching off shore federal taxes can be a good thing but it could mean less investments being made here by dual citizenship/green card holders and this wasn't even touch on here in the article posted.

serf

http://www.snopes.com/politics/conspiracy/hr2847.asp


ATCA requires foreign financial institutions (FFI) of broad scope - banks, stock brokers, hedge funds, pension funds, insurance companies, trusts - to report directly to the IRS all clients' accounts owned by U.S. Citizens and U.S. persons (Green Card holders).

Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person.

If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities.

In addition, FATCA requires any foreign company not listed on a stock exchange or any foreign partnership which has 10% U.S. ownership to report to the IRS the names and tax I.D. number (TIN) of any U.S. owner.

FATCA also requires U.S. citizens and green card holders who have foreign financial assets in excess of $50,000 (higher for those who are bona-fide residents abroad) to complete a new Form 8938 to be filed with the 1040 tax return, starting with fiscal year 2011.
Read more at http://www.snopes.com/politics/conspiracy/hr2847.asp#jQORISF7BULBjyl4.99

Comments

  • llama girlllama girl Member Posts: 605 ✭✭✭✭
    edited November -1
    All put in action by the commander in thief no doubt.
  • spasmcreekspasmcreek Member Posts: 38,925
    edited November -1
    so....where is a country whose citizenship is more desirable and beneficial to earning personal wealth than the USA... how many can move their money out and retain earning capability to save their income from being taken by the irs ???...just a retired farmer here with a small mount to live on till death..but I don't want it taken by DC's greed and waste...taking federal and state capital gains on the hard earned property approaches 20% and govt wants to about double that rip off
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