"A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply."
Not really. Is it any wonder why more and more Americans are giving up their Citizenship rather than comply with this law?
Many corporations with large overseas operations are starting to consider leaving the US, taking their moeny with them as well.
So how many people and companies leaving will it take for the .GOV to figure out they are killing our economy?
With the Leftists in charge, they will deny there is a problem and try to get another law passed to punish those who are bailing on the US economy.
And the rest of us, the regular people will have to pay the price with higher costs, reduced services and more intrusions in our lives to prevent us from taking our own money and absconding as well.
The Replica Prop Forum
Very cool site I am also a member of
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