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H.R. 2847: This New Bill Will Go Into Effective On July 1st, 2014. It Will Usher In The True Collapse Of The U.S. Dollar, And Will Make Millions Of Americans Poorer, Overnight.


What is FATCA?

The Foreign Account Tax Compliance Act became U.S. law in March 2010 but will take effect around the world on July 1, 2014. The goal of the law is to find offshore accounts held by U.S. taxpayers seeking to avoid paying taxes on them.

Under the law, banks from around the world will be asked to sift through their accounts to look for clients with U.S. connections, then share that information with the U.S. Internal Revenue Service.

The U.S. is looking for tax cheats, but critics say innocent people are getting caught up in the hunt.

http://www.cbc.ca/news/canada/fatca-facts-what-canadians-need-to-know-about-new-u-s-tax-law-1.2493882

Quick Facts

  • Under the agreement, financial institutions in Canada will not report any information directly to the IRS. Rather, relevant information on accounts held by U.S. residents and U.S. citizens (including U.S. citizens who are residents or citizens of Canada) will be reported to the Canada Revenue Agency (CRA). The CRA will then exchange the information with the IRS through the existing provisions and safeguards of the Canada-U.S. Tax Convention. This is consistent with Canada’s privacy laws.
  • The IRS will provide the CRA with enhanced and increased information on certain accounts of Canadian residents held at U.S. financial institutions.
  • Significant exemptions and relief have been obtained. For instance, certain accounts are exempt from FATCA and will not be reportable. These include Registered Retirement Savings Plans, Registered Retirement Income Funds, Registered Disability Savings Plans, Tax-Free Savings Accounts, and others. In addition, smaller deposit-taking institutions, such as credit unions, with assets of less than $175 million will be exempt.
  • The 30 percent FATCA withholding tax will not apply to clients of Canadian financial institutions, and can apply to a Canadian financial institution only if the financial institution is in significant and long-term non-compliance with its obligations under the agreement.
  • The agreement is consistent with Canada’s support for recent G-8 and G-20 commitments intended to fight tax evasion globally and to improve tax fairness. In September 2013, G-20 Leaders committed to automatic exchange of tax information as the new global standard and endorsed a proposal by the Organisation for Economic Co-operation and Development to develop a global model for the automatic exchange of tax information. They also signaled an intention to begin exchanging information automatically on tax matters among G-20 members by the end of 2015.
  • Draft legislation to implement the agreement will be released for comment shortly on the Department of Finance website.

http://www.fin.gc.ca/n14/14-018-eng.asp

http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

July 1st 2014 FACTA Bill .Is America About To Stumble Into A Credit Default?

Markets everywhere breathed a sigh of relief in February when the GOP-controlled House of Representatives allowed the debt ceiling to be suspended without another tussle with the White House over spending.  Whatever the political or budgetary merits, the world of finance and business cheered that the “full faith and credit” of the United States government would not be compromised by failure to meet all of its obligations on time.

The relief may have been premature.

In less than three months the Department of the Treasury will start trimming payments on portions of the $17.3 trillion-plus national debt, with unpredictable – and unstudied – consequences.  Acting in violation of legal commitments to purchasers, the Department will chop 30% from interest payments due some foreign holders of hundreds of billions, perhaps trillions, of dollars’ worth of Treasury securities.  Possible results of this consciously inflicted partial federal default could include mass dumping of bonds by jittery holders, a rise in the rate the government pays for debt service, and undermining the dollar’s status as the world’s reserve currency.  The impact on the U.S. and global economy is, literally, incalculable.

Why would Treasury Secretary Jack Lew do this?  Because he’s required to under a law of which few Americans have ever heard.

Enacted in 2010 by an all-Democratic Congress with almost no legislative review, the “Foreign Account Tax Compliance Act” (FATCA) was slipped into an unrelated jobs bill as a budgetary pay-for provision.  Set to go into effect on July 1, 2014, FATCA supposedly is aimed at American tax cheats with money stashed abroad.  But instead of singling out suspected tax evaders, FATCA creates an NSA-style information dragnetrequiring all non-U.S. financial institutions (banks, credit unions, insurance companies, investment and pension funds, etc.) in every country in the world to report data on all specified U.S. accounts to the IRS.

Read more:

http://www.forbes.com/sites/realspin/2014/04/14/is-america-about-to-stumble-into-a-credit-default/

Obama’s new July 1st 2014 law will shock most Americans

http://bydio.com/images/FATCA_Timeline.jpg
Obama’s new July 1st 2014 law will shock most Americans

Dear Reader,

We’ve been critical of several Obama Administration policies over the past few years…

But a new law set to go into effect on July 1st, 2014 (less than six months from now), might be the Administration’s worst decision yet.

On this date, Title V of House of Representative Bill #2847, known as “FATCA,” goes into effect.
http://pro.stansberryresearch.com/1310PSIEANEW/LPSIQ295/

We believe this could precipitate a huge collapse in the U.S. dollar… and a rapid decrease in our standard of living.

Of course, we’re not the only ones who believe this new U.S. law is going to be a disaster for our country and American citizens.

http://www.dailypaul.com/312861/obama-s-new-july-1st-2014-law-will-shock-most-americans

Write Down This Date:
July 1st, 2014

On this date, U.S. House of Representatives Bill “H.R. 2847” goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several months to prepare…

http://pro.stansberryresearch.com/1310PSIEANEW/LPSIQ295/

Anonymous 

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  • David Mowers

    So for once in this country the rich will actually have to pay their fair share. Finally.

    • Ian Da Ous

      dumbass. The rich don’t keep their wealth in dollars. they own and control real assets. even if the dollar collapses, they will mitigate losses, they still own and control things and in the end the rich get richer as they acquire assets from the poor and middle class.

      • David Mowers

        Your a fukcing tool. The rich got bailed out AND got 16 trillion dollars in no-interest loans. Google it azzhole.

        • Bryan Baldwin

          Elite make the laws. Ask yourself; do you really think this will catch them off guard?

          • David Mowers

            So we should just give up then and let the nation fail. It is apparent that 92 million Americans have already done so and more are dropping out every day. Thanks “elite” for ruining Democracy and Capitalism.

          • Bryan Baldwin

            The real end game here as near as I can tell is to catalogue where everyone’s money is so that when the next crash happens, they can confiscate your assets for a bail in (as in Cypress) as opposed to the 2008 bail outs. When I was a kid, they would have called that “stealing”. My how times have changed.

          • David Mowers

            “Stealing?” According to Chicago economics theory any capital that is sitting or tied-up is theft from the broader marketplace which is the theorem used to justify the Supreme Court ruling on Kelo and eminent domain.

            See, it’s not “your” property but society’s property that you are being allowed to control only insomuch as your control of said property benefits others; if not, then, well, society should transfer your property to a more responsible owner.

            Notice, this theory is only applied to the poor and middle class of course; if you used it against the rich it would be tyranny according to Fox News. See also, their defense of Sterling.

          • Reamensa

            We are not a democracy. And you call others a tool.

            We are a CONSTITUTIONAL REPUBLIC!

          • David Mowers

            FUCK YOU SYCOPHANT.

          • blucorsair

            David Mowers: Did you know that 6 of the 10 richest men in america are Democrats and the fact that Wall Streets crooks (Goldman Sachs, Angillo Mozilla, etc.) donated more money to Obama in his 2 previous campaigns than at any other campaign in U.S. history? …..Go back downstairs in your parents basement! …..ACORN will let you know when its time to come out and vote!

          • nan

            really, they know the plans.

        • Jimbozo91

          Maybe you didn’t get the memo assclown, ‘The rich get richer and the poor get poorer” and i sure hope you are poor. You were probably born poor and you will die poor. Ha ha

          • Jibba Bean

            we are going to take the spot of China’s economy from 50 years ago…you were either super rich or super poor…no middle class…get ready America…

    • DetroitDom

      David, with all due respect, please go to the official IRS website (not a right or left wing site) and review the facts regarding taxes and who pays them. By your comment, it’s obvious that you are unaware of just how much tax is payed by the top 1%.

      Ian makes a good point. The rich are rich because of their investments . . . not because they have somehow screwed the government by not paying taxes. This false premise was tried by the Democrats against Romney, but it was false. Romney has obeyed all U.S. Tax Laws; had he not, the Dems would have had a REAL field day with him during the 2008 Presidential election.

      The real reason the government doesn’t “fix” these tax loopholes is because it gives politicians power. Example: “Donate to my campaign fund or might suggest closing that particular tax loophole you and your business segment are so fond of.”

      The sad part is, the richest people and the REAL ones NOT paying their fair share are the politicians, who, coincidentally, are exempt from insider trading practices. Harry Reid didn’t become a multi-millionaire by making $193,400 a year.

      • David Mowers

        The rich are rich because the Federal Reserve loans them money directly. End of story.

        • colorado

          those who are able to acquire wealth from the land and keep it are Wealthy.

          those who convince others to not think for themselves, are more Powerful.

          those who are the combination of both previously mentioned facts- shall be the Ruling Powers.

        • cmlukey

          I’m rich. I have never taken a dime from the govt. You are an imbecile.

          • David Mowers

            You Sir have no idea what you are talking about.

      • David Mowers

        The greatest economic growth in American history occurred after WWII when the top tax rate on the wealthy was 90%.

        We had the highest number of marriages.
        The highest number of childbirths.
        The fastest growing economy in the world.
        The highest wages and benefits.
        The highest number of working-age Americans gainfully employed in history.
        The steadiest returns on stock investments in market history.
        The highest number of entrepreneurial activity in U.S. history.

        • DetroitDom

          The fastest growing economy in ANY country would garner:
          - the highest wages and benefits
          - the highest number of working age people being gainfully employed
          - steadiest returns on stock investments
          - highest number of entrepreneurial activity.
          China is a terrific example of this!!!!

          And, because people could afford it, they got married and had kids. C’mon Dave, this isn’t rocket science.

          BUT, back then, America also DIDN’T HAVE:
          - global manufacturing competition against other countries (especially low cost countries).
          - welfare programs
          - illegal immigration problem stealing jobs and a tax base from Americans.

          So, you’re telling me that having the government take 90% of what you earn is OK?? Seriously?? Name me one program the government hasn’t overspent on . . . . . JUST ONE!! You can’t! WHY in the hell would anyone want anyone to give the government more money?? It’s wrong Dave.

          • David Mowers

            The Federal Reserve has issued 29 trillion dollars in new capital to the richest entities in world history. If YOU have a problem with THOSE ENTITIES getting all the money produced and NOT creating jobs maybe you should think about how your nation and it’s monetary system are run. They create money from nothing, based on nothing, backed by nothing and given away daily to the rich to maintain their lifestyles. Oh, they claim its for business purposes of course.

            Is it to your advantage or not?

            …and yes, after the first million the U.S. government took 90% OF EVERYTHING EARNED FOR INCOME TAXES PRIOR TO THE SIXTIES. Look it up on Wikipedia.

          • DetroitDom

            David, believe it or not, for the most part, we are on the same side of this issue. You now throw the Fed Reserve matter at me; I thought we were talking about the rich paying taxes. However, I can speak to this as well.

            I AGREE WITH YOU! The Fed Reserve is a sham! We were warned by our forefathers of banks’ greed. I also understand the ramifications of that ever running printing press regarding inflation and the loss of buying power with the American dollar.

            However, the people you regard as rich and having them pay their fair share are not the same people receiving the money from the Fed Reserve. The ppl getting the Fed Reserve money are so connected at the top, they would NEVER BE HELD FOR TAX EVASION . . . . EVER!! Those ppl are not the top 1%. Ppl getting Fed Money are the top .001%.

            And those getting the Fed Money should not pay 90% in taxes – they should be hung for treason against our nation for financial crimes costing this country billions, and maybe trillions of dollars.

          • David Mowers

            Exactly. Agreed all points.

        • colorado

          That is “False economic growth”. Just because everybody started to live like a king- they were and still are slaves to a currency not backed up by the country’s production or natural resources or gold and silver…

          Everybody bred like rabbits and consumed more “trinkets” due to the fact that they are greedy and couldn’t self sustain themselves.

          Therefore they will get what they deserve- learned helplessness, unable to survive on their own, and rather now they will be raised like animals on a farm.

        • Ruiner

          After WWII the rest of the world was DESTROYED. America had ZERO competition because we had the only real functioning manufacturing and distribution system. Also, no one paid that 90% tax because anyone approaching that level of income QUIT WORKING and went on vacation the rest of the year.

          Now imagine if the tax rate was say…a flat 10% for everyone at that time couple with the fact that America had zero competition. We would be a century ahead of where we are now technologically. Thanks “Progressives” for your mentally retarded idea of just implementing communism more slowly, calling it a different name and claiming it creates “progress!”

          • David Mowers

            Not true. 70% of all income tax was paid by the wealthy prior to the 70′s.

      • David Mowers

        The average tax rate for billionaires in the united states, according to the I.R.S., is 12%.

        • colorado

          listening to the I.R.S. is suicidal- for yourself and your assets.

      • colorado

        a man’s wages are his own.- which means his wages shall not be taken from him through theft or taxes, Period!

        • Dave

          I agree with your statement, but any sentence with the word “period” at the end of it makes me cringe and very uneasy. Thanks Obama.

          • Organic

            Not a sentence, it’s actual law until broken or reformulated to satisfy those associated with the actions taken on behalf of the ‘CHANGE’ if you will.

          • Organic

            NoBama!!

      • Maenad

        The oligarchs WRITE tax law, they don’t OBEY anyone. They own the gov’t, and the only group being screwed is the 99%.

      • MoonBeamWatcher

        OFFICIAL I. R. S. web sight . . . thought they were being “reDISORGANIZED” are the lawyers done?
        (Most become lawyers because they SUCK at math. NOTHING has changed to my understanding.
        Think that’s why IRS goes after the little fellow who doesn’t have 6 floors of lawyers working for him/her)

    • John

      LOL David. So uneducated… Rich have money into irrevocable trusts. Money in a trust doesn’t get taxed until it is removed out of a trust. Get a clue… and get a trust

      • David Mowers

        Once again for the weak-minded. A “trust” is invested in something, real estate, stocks, businesses etc. All of those things can be attached a monetary value independent of the “market” which trades them in what is called a “Dark Pool” of investing we know as “Derivatives.”

        Derivatives are gambles, literally individually-assigned wagers, that are private, between one or more entities that seek to revalue said properties (real estate, stocks, businesses) by creating an alternate and HIDDEN marketplace for trading said commodities. Therefore,

        A. Unless you are part of the “hidden” exchange you cannot know what the true value is of your holdings.
        B. Therefore someone you do not know can profit from YOUR PROPERTY without YOUR KNOWLEDGE and when the gambles fail?

        2008 market crash devalues property nationwide by 12-65%
        Stocks lose 50% of their value
        Businesses close at the fastest rate in history due to credit-funding losses

        Grow up child and get educated.

        • Reamensa

          Thank the democrat controlled house and senate for that.

      • tj

        Forget the trust unless your above $5 million. Ours was a sham. A simple will works. At least you get what was left to you and not what everyone wants to screw you out of. Of course the people above that figure benefit and the rest of us pay. No free rides for middle class just the wealthy.

    • maryann

      No, they won’t! They all have
      slick lawyers who know where
      to hide their money!. The middle
      class is always cheated and pays
      the most taxes. Wake up people!
      Obama is doing what he set out
      to do with George Soros help. The
      destruction of America. Doomsday.

    • Bama Bill

      David, with 48 percent paying nothing, and the top 1 percent paying the highest, plus the “Death tax”, who the hell do you think is going to work, build a business so you can sit on your ass and live off them. The only problem with you is pretty soon there won’t be any “Rich Peoples Money” for you to get!
      Can you count to 3?

      • David Mowers

        According to recent news the I.R.S. claims the top 35,000 earners in American pay nothing in taxes and according to Senate hearings the top 100 corporations pay nothing in taxes and according to Warren Buffet the average tax rate for the rich is 12% for those who actually feel they should pay.

  • Jim

    Personally Mitt, I don’t know anyone who hides their assets overseas to avoid paying their fair share of taxes. I can’t even see how this is going to harm average working Americans.

    • David Mowers

      So you don’t understand how the wealthy not paying their fair share eventually ends with States raising taxes on the poor and working class who are trapped here?

  • Betti

    Why are you trying to cause panic ong the, THE People?
    The “common” person has NO overseas account. It’s the 1% that has the nerv to do this, and because hey have the money.
    At any rate, the $ has caused and is causing havoc and tragedy in the U.S. & worldwide.
    Its’ demise would be fine.
    Th “Common” People can go back to trading, Goods and Services. And use local Community Currency.
    Many Communities in the U.S. and Europe are already using it.

    • Curtis

      Every American is effected by this draconian bill and its little socialist slugs like you who vote for communist morons like the leaders who passed this law. I agree that we need to get away from the socialist money given to us by the democrats in control in 1914 and the pig socialist President Wilson who lobbied for it and signed it. We do need a local currency and it is called Gold and Silver.

      • Watchman01

        Amen ! It’s long past time the “self absorbed, clueless by choice, nothing’s wrong as long ask get what I want” crowd wake up to reality before Obama”s “Judas Goats” lead them off the cliff into a communist hell. Study per Hitler Germany. Why did Obama have a smiling Mao Testing decoration a few years ago on the White House Christmas tree & accept the book by dictator Chavez about America’ sins against South American nations; why do so many of his administration promote Che Gueverra, Castro’s assassin during Cuban communist revolution; Che also involved in supporting Argentina’s socialist gov’t.. The due area of dumbing down the public so they’re more compliant , has left them with no real knowledge that they,’re worshipping mass murderers a heroes of their “Brave New World”. How’d that work out for China, Cuba & other socialist nations. They have the privileged/powerful rich & those reduced to living either on the streets in squalor or dependent on a lying power hungry gov’t where any means can be justified by them if they accomplish their ends. The dumbing down of our kids(I was a. Teacher many years) continues in the form of Common Core which the states are required to use if they want gov’t funds. It focuses on teaching a rewritten history where the Constitution is no longer relevant & the founders & America as a whole are evil. The reading increases focus at each grade level on gov’t publications rather than well written “classic” literature. Math experts have said the “new Math” method being taught will leave them unable to understanding geometry,algebra & Calculus-all necessary to become engineers, doctors, scientists etc.
        It”s about indoctrination & instilling distrust of their parents, traditional values, & anyone
        who disagrees with them= an enemy of society moving toward a one-world gov’t & &religion.Remember Hillary’s “It takes a village” to raise a child ? why does Obama ignore
        the persecution of Jews & Christians but secretly deal with terrorist groups & install. The
        Muslim Brotherhood throughout his administration. Why are the leaders of the radical 60′s
        gro that bombed gov”t bldgs Bill Weathers & wife Bernadine Form now OK to be involved in gov’t? An FBI spy infiltrated their group & reported they discussed detention “reeducation”
        camps for people who disagreed or failed ” to get with the program”; those refusing to
        be”turned” would be exterminated. Check on belief of writer of Obama Care Ezekiel
        Emmanuelle (brother of Rahn). It’s call led “the Whole Life System”.handicapped people & those birth to 20 & 55+ would be less worthy of gov’t care because they contribute little
        or nothing to benefit the whole society. It’s why they back abortion at any stage ; Look where most Family Planning clinics are located -poor minority filled communities. They make millions off abortions vs educating te people who go there. These “progressives are in both parties & go back to Pres. Wilson, tTeddy Roosevelt & hoover. They progressively grab power ,indoctrinating an unsuspecting public who mostly doesn’t know theatre history repeating itself right under their noses. Obama’s speeches =”double speech” along with many others. Watch their actions & you’ll know who they really are & want. Do your homework on candidates BEFORE you vote don’t & America & her promise of liberty & the chance for even a poor prerson climbing up the social ladder like Oprah or just being free to live according to the Bill of Rights Declaration of Independence dies. Do you even know what they say & what your true God given rights are ?

        • Land Baron

          Screw you and the mule you rode in on.

          • Curtis

            I can tell by your demeanor that you are a real mental giant! This is not about people paying their Karl Marx “fair share”, it is the fact that foreign institutions will be encouraged to move to a different reserve currency other than the dollar. Since we have been kiting a huge debt based on our reserve currency this puts the dollar at risk. Are you smart enough or educated enough on economics and currency to even have this conversation? It has been my experiance that people like you who throw insults in place of intelligent debate are usually illiterate or just stupid! Please prove me to be correct by continuing your mindless tyrades!

      • Land Baron

        BULLSHIT!! This Act is aimed at millionaires and billionaires who are stashing taxable income in the Caymans and Switzerland. People having been joking about “Swiss bank accounts” forever but no the U S government isn’t joking anymore. You want to make millions in this country you PAY TAXES on those millions to THIS country or get the fuck OUT.

    • Bama Bill

      Check out what happened in England in 1975 when the pound was replaced by the U.S. dollar, From memory, unemployement skyrocketed to almost 50%, businesses were forced to pick the three days of the week they could have electricity for 8 hours, inflation caused many to live on “rice and beans”! IF you take a few minutes and check these facts, maybe you will feel a little “Sick”?

      • Mama2KOA

        When did they change it back to the pound?

        • Bama Bill

          The pound was the international currency until 1975 when the U.S. dollar replaced it. England did NOT quit using the pound. When the U.S. dollar replaced the pound as the international currency, it caused extreme financial problems in England. Now that many countries are not using the U.S. dollar for international trade, and IF the dollar officially is replaced as “The international currency”, we will suffer much worse than we are now. With this regime printed money as fast as they can, inflation can NOT be avoided.

          When I bought my new 1968 Ford Mustang, it was loaded, and cost $3,000 dollars, now a comparable Mustang would cost $40,000. So in another 50 years, how does $520,000 dollars sound? Can you say “Thank you Unions”???? And my income tax bracket went up even worse. It is all how to get more money for the unions, so they can spend more to get democrats elected. And make more people dependent on the “Govie Mint”.

          I was making $25/month back then, paid my mortgage, car payment, utilities, food, etc., and had over half my income left! Can you do that now?

          I was thrown out of a union meeting for saying “I can’t afford a pay raise”, as my take home pay would be less. If you say anything they do NOT want to hear, they throw you out! Just about as bad as being a Mafia member, except they don’t kill as many.

          • Blurbwriter

            England never did anything of the sort. The United Kingdom did. When are you americans going to get it through your heads that England is one constituent country of 4 comprising the UK? Although soon if might be down to 3 if the Scottish referendum is carried in September.

  • 1PierreMontagne1

    In Canada for the past year and half IRS personnel have been tracking down “Americans” living in Canada, some even retired in Canada after working their careers in Canada and going after them for U.S. back taxes on their Canadian income?.
    The IRS views these unfortuate people as being required to pay US taxes on their Canadian income even though they never recieved any US benefits and earned all their money in Canada and had not resided in the US while earning that income. The IRS is even doing this to dual citizens. These are people like retired Canadian teachers and other middle class types who happened to marry Canadian wives and live in Canada. The IRS is doing this under FATCA well before July 1st 2014.

    All the Canadian banks are already providing full dicslosure to the IRS on anyone they find with an American background even if they have a Canadian Social Insurance number (equivalent of the U.S. Social security number in the U.S.)
    Any Canadian bank withholding any such financial information on the IRS target and/or any Canadian entity that the target does business with will be denied banking business privelages with America.
    The over reach of FATCA would be unbelievable were it not true.

    So any U.S. domiciled American who says FATCA is just in place for the 1% or the wealthy or rich who evade taxes is nothing more than a wilfuly blind and self decieved liberal.

    • David Mowers

      …but did the I.R.S. contact the Chinese government and demand their taxes on Apple’s untaxed 90 billion sitting in one account in China?

      • Reamensa

        Their hard drive crashed.

        • David Mowers

          Oh yeah, when it comes to regulating the rich our government cannot do anything right, they are incapable even though going after poor people is no problem.

          • undunder

            Our government attacks anyone they feel to be helpless to defend themselves. And that includes some businesses that the government can shut down. Unfortunately, those in the middle class are just such victims. Many work hard, try to save, try to follow the law even the voluminous tax code that they don’t even understand, only to find a that their areon the wrong end of a government attack. Sad.

          • David Mowers

            75% of all I.R.S. investigations are done on small businesses doing less than 200 grand a year. So we penalize you for being poor in America while Apple stores 90-130 billion in untaxed profits in Chinese banks.

        • maryann

          Lois Lerner, anybody?

  • LA

    H.R. 2847 is ” The Wounded Warrior Service Dog Act of 2013

  • WeBpoor

    The intent was to get the 1% to keep their money here for US banks to use. Of course, I doubt all those billionaires will suddenly say, “Sure, I’ll pay the 30% tax to get my money from the Caymans. Here you go, IRS!”. Unfortunately, this will not shore up loopholes for multinational companies using off shore accounts to essentially launder their profits and get out of paying trillions in corporate taxes. The domino effect is that foreign banks will no longer take US accounts, global faith in the fiat currency will be lost, and the IOU’s on the US debt will come due.

    • blucorsair

      You are correct! If anything, this new law will prevent foreign and native investment in the U.S. economy! We have been losing an estimated 1 million dollars for every minute in foriegn capital since Obama ratified A.C.A (Obamacare) and its tax laws!

  • Doug

    they used the word “shock”, so no one reads any further, the post is total bs, I’m not worried about this causing any panic

  • wlmgsmn

    This bill is saying the gov basically is taking over our lives?

  • DerJoh82

    Does anyone really think that foreign banks (institutions) will report individuals who invest ??? I personally think they will ride the fence with this “threat” and play dumb…besides, does Washington really have anyone smart enough to catch hidden assets abroad without cooperation ??? I doubt it… This Bill just makes Swiss accounts more attractive since they are a neutral country and could give a hoot about “working with us.”

    We wouldn’t even be discussing this string if it were not for Washington’s overspending, would we? The real solution to the whole tax dilemma would be for Washington to be mandated to a mandatory balanced budget for between 3 to 5 years forward (so as to overlap elections) and institute a 14% Flat Rate Tax…not deductions, no IRS. Any money in savings accounts becomes tax deferred and when circulated, it’s taxed at 16% (so as to actually promote savings and keeping money in America). All Trade Agreements should be weighed against mutual cooperation and mutual benefit otherwise there should be import/export taxes imposed to offset indifferences.

  • Reamensa

    My hard drive crashed.

  • http://batman-news.com Greta F. Rich

    Why are we concerned? We’ve all SEEN and UNDERSTOOD the LAWLESSNESS of this administration. NOW, they will assume a right to take over any legally held account of any person they think is their ENEMY. Remember what the O-B said to the hispanic lobby? To reward your friends and PUNISH your enemies? So, who are O-B’s friends? Not the American people. He clings to the leftists, the malcontents, and Islamists and embraces anything that’s perverse to the thinking of most Americans. The middle-class, the working American are all his enemies. He will use this law to PUNISH anyone who he perceives is his ENEMY! That is why we should all be concerned. Also add to that the proviso in the O-BCare bill that allows the IRS to take money from legally held bank accounts to pay ‘taxes’ for non-compliance in that bill, what makes you think this administration or anyone connected to it will stop at just the letter of the law? They will punish everyone they think isn’t them.

  • Lizzy

    sound like a revolution is on its way and the American people need to wake up and they will be waking up and finding out the same people they were for and they will realized they were not for the people but, against them.

  • Lizzy

    The whole thing is so sad and pathetic at the same time and how did the American people allow us to get this way? First distraction and when we are distracted and many events are being taken place without the American people to know what is happening. For every reaction is reaction.

  • Diane Taylor

    When the socialists run out of “other people’s money” than you can look for the crash. It’s just another Robin Hood ploy “take from the rich (who earned it) and give it to the high school drop outs without a job, or any skills or brains that voted the Obungler into office in the first place…..are you poorer than you were back in 2008….I think so! ITS JOBS, OUR CONSTITUTION AND OUR GUNS!

  • Avrie

    Obama’s trying to get a quick fix because US is bankrupt. The Gold has been sold & all that’s left is IOU’s. There’s so many economists that predicted a currency collapse. The handwriting is on the wall, it’s time to liquidate assets & go under the radar before Obama confiscates your hard earned money. The Chicago thug style politics is starting to rear it’s ugly head.

  • Texas Momma

    Put on your big boy underwear, learn to trade with your neighbors, get a book on natural medicine/homeopathy, grow a garden, maybe invest in a few gold pennyweights/precious stones, etc. There not that expensive..currently..

  • King Jason Viton Butler

    You are all truly ignorant. This has nothing to do with middle class or poverty. People tend to make shit more complicated than it has to be. Truthfully the I.R.S. is only a service for one. The people consent for this service. Secondly we don’t have to accept federal reserve notes for payment. We also accept the dollar by consent. The federal reserve notes are only I.O.U.’s.
    People can not be paid worth debt notes. The federal reserve notes already have a lien on them. They are supposed to be backed by gold and silver. The foreign bankers loaned the U.S. money. With that being said receiving federal reserve notes is not considered a form of income and therefore not taxable.

  • zoehoney

    Hello dumb ass. Think of all the foreign investors in America? They will want OUT.

  • Sean

    It’s about time this happened.I love how this bill just :slipped through!.So the republican who signed it never read it to see it? This is not an issue for 99% of Americans despite the spin corporate backed site/investment firms etc, will say it is.Many of the detractors are the same liars who brought us MBS (Mortgage Backed Securities) remember those little gems? I am dancing the jig over this law starting and am giddy over the economic patriotism executive order that’s being signed now.I will be doing flips when capital gains tax mirrors individual income tax rates and please don’t try and push how that would hurt all Americans. Only 3.8% of the profits realized from the stock market go to the bottom 50% of Americans! Of the other 96.2%, 87% goes to the top 3%!! The lies of the stock market are only matched by the nefarious ‘ Trickle Down Economics ” lie. This is a good start, hopefully an auspicious beginning realized.

  • Jackson

    I think every American should read Atlas Shrugged by Ayn Rand.

  • Dennis Richardson

    The coming collapse of the IMF, World Bank, London and New York banks make a re-creation of the American dollar with Treasury bills instead of Federal Reserve notes a real possibility. A real world wide debt cancelling Jubilee is coming. It will be painful but good will come of it. I predict that former IRS agents will never be put on trial but will be sought out and dealt with one at a time, not in court. The chaos will end, order will be restored. A law enforcement agency will be created to seek out former IRS agents, after the American currency is rebuilt, identify them, take their wealth and property, and deal with them harshly.