Posted on 11/28/2011 1:27:20 AM PST by neverdem
Buried in an ostensible jobs bill signed by President Obama last year is a little-noticed job-destroying government regulation that threatens to trigger a massive outflow of capital from the American economy.
The U.S. economy is in bad shape. Many want the federal government to fix it -- to end the deficits, create jobs, and get America back onto the track of growth and stability. President Obama came to Washington with great promises: to restore international respect for the United States and to bring back the jobs. When signing the HIRE Act of 2010 on March 18, 2010, President Obama said:
A consensus is forming that, partly because of the necessary -- and often unpopular -- measures we took over the past year, our economy is now growing again and we may soon be adding jobs instead of losing them. The jobs bill I'm signing today is intended to help accelerate that process.
Now the HIRE Act of 2010 contains a time bomb called FATCA (Foreign Account Tax Compliance Act), which has indeed accelerated a process. Unfortunately that process is not job-generation, but job-destruction caused by an exodus of capital from the United States. Investment means jobs; a departure of investment capital means job losses. Thus, the HIRE Act is really the "FIRE Act."
FATCA (Foreign Account Tax Compliance Act) is the brood of FBAR (Foreign Bank Account Report). FBAR requires that U.S. persons divulge foreign accounts to the Treasury Department, but few knew about or ever complied with it (see "When Government turns Predator"). To stanch the bleeding of U.S. capital into secret bank jurisdictions like the Cayman Islands and Switzerland, Congress introduced FATCA into law as part of the HIRE Act. FATCA requires that foreign financial institutions (FFIs) reveal the accounts of U.S. persons to the IRS...
(Excerpt) Read more at americanthinker.com ...
More like FUBAR.
stroke of the pen, law of the land ... and law of the banks in other countries? How convenient
Witholding is supposed to be for wages. Stocks and bank accounts are not wages so this is illegal to boot.
Show me in the law where withholding is only for wages.
“Investment means jobs; a departure of investment capital means job losses. Thus, the HIRE Act is really the “FIRE Act.” “
Unless your GE, GM or Coca-Cola which will still keep their money and profit “Off Shore”.
Ia this supposed to be a joke? Show me the law that says one even has a liability for income taxes. As the whole income tax system is voluntary, this so-called law is even more egregious than the regular income tax shenanigans.
Incidentally, if you had or looked in an IRS code book, you would know that even wage witholding is not in the income tax section, but in the employment section. Why file an income tax and be prosecuted for income tax evasion when it is an employment tax a person who earns wages allegedly falls under.
My favorite day dream is reading glossy magazines dealing with yachts. A common phrase for years has been “Not for sale or charter to US Citizens in US waters.” When you are talking about a mega yacht you are talking about significant money.
So, it appears in one area at least, the Federal Government has been losing revenue for years while attempting to reap dimes in additional tax income.
Any remember the special tax assessment on the luxury yacht building industry a few years ago? All the extra tax income it generated /S/?
Are people EVER going to wake up to the fact that this clown in the WH is out to sow as much destruction as he possibly can???????
Brilliant minds think alike 2ndD...:-).
Rather than fix Fannie and Freddie by privatizing it, Bwanney Fwank went after ultimate control of systemic risk and flow on all capital and making sure nothing leaks through his grubby little hands.
Imagine a tax code that fits in your shirt pocket with the same number of words as the Constitution and Bill of Rights whether it is Fair or Flat and all these mumbo jumbo rules are gone...
Can't have that, you might create wealth and maybe evenchange history without their permission and you may want to keep that wealth... They can't have that....
How doest thou confound our country? Let me count the ways.
275, 276, 277 - - -
FATCA - isn’t it really FAT CAT?
Not (Foreign Account Tax Compliance Act) but (Finding And Taking Cash for the Administration’s Tank).
Foreign Account Tax Compliance Act, thanks neverdem.
Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”?
http://www.irs.gov/businesses/corporations/article/0,,id=251217,00.html
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