Are you scared ? 7/1/14 Hr 2847

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Are you scared ? 7/1/14 Hr 2847 - 5/4/2014 10:22:22 AM

MrRodgers

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What takes effect is the HIRE the Hiring Incentives to Restore Employment Act. And FATCA the Foreign Account Tax Compliance Act.

Now if you are sufficiently alarmed, then for only about $150, I can help you save your money and your family from the coming economic devastation about to plunder the US dollar and economy.

Here

The warnings as I needed to confirm...are all bullshit. What is a fact is that while the US dollar IS STILL the world's reserve currency and there have been carping about the risk in that standard, there is one very informative economic basis for the status quo.

What the international commerce, banking, and governmental community understands, is that a currency is a store of wealth even if just its perception while no longer backed by a commodity. Well [it] hasn't for 40 years.

What that means is that the world in its confidence in the dollar, continues to show and will continue to show their confidence in the store of wealth in the American economy and no, not in its businesses who run to China or set up HDQ off shore...it is in the only real wealth there is...labor and specifically the American workforce.

We working stiffs of America are a persistent standard or bulwark against the fear-mongering prognosticators. So, don't be fooled or scared into buying any solutions to a problem that does not and will not ever come to pass.

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/4/2014 6:52:17 PM

DaNewAgeViking

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So Uncle is finally cracking down on secret Swiss bank accounts... About damned well time! These people should be investing here rather than somewhere else. I'm not an international banker (and I sleep well at night), but I'd say keeping an up to date list of names, addresses and accounts should be a pretty simple task for anyone who is computer savvy, so I don't see what the banks are whining about. After all, your friendly local bank does it all the time with your account. From what I saw in the link, this doesn't appear to have much impact on the average working stiff's checking account, so no harm there. As to those fear-mongering hucksters, one presumes the IRS, FBI, SEC, FTC, et al are already on their asses.

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/4/2014 7:08:28 PM

RottenJohnny

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FR

I certainly don't see any reason for people to panic but despite the article's attempt to calm any fears, I was interested in this one statement...

The full implementation of FATCA may, as some critics have maintained, ultimately prove more harmful to U.S. business interests and U.S. citizens living and working abroad than its benefits will merit.

Certainly doesn't sound like the author is all that convinced of their own reporting.

Just sayin'.

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/4/2014 7:57:22 PM

MrRodgers

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quote:

ORIGINAL: RottenJohnny

FR

I certainly don't see any reason for people to panic but despite the article's attempt to calm any fears, I was interested in this one statement...

The full implementation of FATCA may, as some critics have maintained, ultimately prove more harmful to U.S. business interests and U.S. citizens living and working abroad than its benefits will merit.

Certainly doesn't sound like the author is all that convinced of their own reporting.

Just sayin'.

Well I think it is all about just reporting. If we don't know...can't watch.

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/5/2014 3:50:48 AM

jlf1961

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Buy guns, ammo and MRE's!

Oh wait, that is supposed to be buy silver.

What ever happened to Pahunk?

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/5/2014 4:32:41 PM

thompsonx

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ORIGINAL: jlf1961

Buy guns, ammo and MRE's!

The only thing that taste better than an mre is real food.

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/5/2014 8:31:56 PM

tj444

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quote:

ORIGINAL: DaNewAgeViking
From what I saw in the link, this doesn't appear to have much impact on the average working stiff's checking account, so no harm there. As to those fear-mongering hucksters, one presumes the IRS, FBI, SEC, FTC, et al are already on their asses.[/size]

certainly working American stiffs in the US aren't affected but the working American stiffs that live and work outside the US most definitely are.. and that is a good part of the reason for so many more giving up their US citizenship.. How exactly do you get paid if you live in another country where all the banks are saying no to Americans? Any American living and working in Switzerland is likely having one hell of a time finding a bank that will deal with them so they can cash their paychecks..

While the hucksters may be fear mongering, I don't think they are doing anything illegal to warrant any 3 letter agency being on their asses, as far as I can tell all they are doing is selling a newsletter.. unless expressing your opinion and free speech has become illegal overnight or somethin'.. don't you champion their right to do that????

< Message edited by tj444 -- 5/5/2014 8:34:22 PM >

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/6/2014 1:46:12 PM

MercTech

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Doesn't effect the average joe but it does have an effect on a minority of the working class.

Before FATCA you did not have to pay tax on money earned overseas until after the first $120,00.00 brought back to the states. If you left money earned overseas in overseas accounts it was not subject to U.S. taxes. Now you have to report income earned outside the country (and taxed in the country where it was earned) no mater where it is sitting at the moment.

I have a friend that is an author that has accounts in a few countries overseas that severely limit the amount of money you can remove from their country. So, every few years he takes a vacation to spend money in countries where he can't take the money his books earn in those countries. Just tossing out an instance where it does have an effect.

Why does the U.S. government have a right to know how much money you made working somewhere out of their jurisdiction?

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/6/2014 2:47:41 PM

RottenJohnny

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quote:

ORIGINAL: MercTech
Why does the U.S. government have a right to know how much money you made working somewhere out of their jurisdiction?

IMO they don't...but that never stopped them from sticking their nose in where it doesn't belong.

But your question made me think of something that maybe someone else here can answer for me because I don't really know...could this have any effect on the pay for soldiers or civilians employed by the military posted outside the country?

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RE: Are you scared ? 7/1/14 Hr 2847 - 5/6/2014 8:46:49 PM

tj444

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quote:

ORIGINAL: RottenJohnny

quote:

ORIGINAL: MercTech
Why does the U.S. government have a right to know how much money you made working somewhere out of their jurisdiction?

IMO they don't...but that never stopped them from sticking their nose in where it doesn't belong.

But your question made me think of something that maybe someone else here can answer for me because I don't really know...could this have any effect on the pay for soldiers or civilians employed by the military posted outside the country?

Being American has its privileges..

The US is one of the few countries that tax based on both residence and citizenship.. I think Congo is another country that taxes that way too..

you want to keep your US citizenship.. the cost of that is that you must file a US tax return every year of your life (which costs a lot to find a tax accountant familiar with tax laws in both countries), no matter where in the world you live & if your income is greater than about $95kUS then you pay US tax on it.. It always amazes me that many Americans don't even know that.. I have had expat Americans online argue with me about this, they claim they are special snowflakes and they don't have to file tax returns or pay US tax cuz they live outside the US.. They are finding out their special snowflake status doesn't exist.. lol

oh & fyi, the IRS does have offices outside the US in various cities/countries.. ya'll think living in another country puts you out of their jurisdiction? If you are an American you are never out of their jurisdiction..

As far as military outside the US goes, it would depend on if they needed bank accounts, if they did then yes, it would affect them if they couldn't find a bank that would deal with them.. but the military also has their own banking system too.. But if they wanted to invest money that might be a problem (same as banking is)..

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