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Thread: What is your take on Title V of House of Representative Bill #2847, known as "FATCA?

  1. #1
    Join Date
    Apr 2007
    Caribbean cliff edge

    Question What is your take on Title V of House of Representative Bill #2847, known as "FATCA?

    What is your take on this correspondence:

    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 five 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.
    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.
    Andrew Quinlan of the Center for Freedom and Prosperity says: "FATCA is pound-for-pound the single worst tax law on the books."
    Even the normally liberal Atlantic Monthly magazine said: "FATCA seems to be turning into a nightmare and disaster."
    What does this law do... and why is it so bad for America?
    The founder of our Research Firm has put together a detailed explanation of what is happening in America right now, and why this new law is something EVERY American should pay close attention to.
    Get the facts for yourself, free on our website, here...
    George Rayburn
    Publisher, Stansberry Research

    The Hiring Incentives to Restore Employment (HIRE) Act of 2010 (Pub.L. 111–147, 124 Stat. 71, enacted March 18, 2010, H.R. 2847) is a law in the 111th United States Congress to provide payroll tax breaks and incentives for businesses to hire unemployed workers. Often characterized as a "jobs bill,"[1][2][3] the Democrats in Congress insist that it is only one piece of a broader job creation legislative agenda, along with the Travel Promotion Act and other bills.
    Legislative history[edit]

    • The House of Representatives passed the original version on June 18, 2009 by a vote of 259-157.
    • The Senate passed an amended bill on November 5, 2009 by a vote of 71-28.
    • The House agreed to the amendments, with amendments, on December 16, 2009 by a vote of 217-212.
    • The Senate agreed to the amendments, with amendments, on February 24, 2010 by a vote of 70-28.
    • The House followed on March 4, 2010, passing an amended version (in compliance with new pay-as-you-go rules) by a vote of 217-201.
    • On March 17, the Senate agreed to the House's amendment by a vote of 68-29, and sent the bill to the President.
    • President Barack Obama signed the bill on March 18, 2010.[4]

    Last edited by Rum_Pirate; 03-12-2014 at 07:57 AM.
    Enjoy a good rum on the rocks at sunset.

  2. #2
    Join Date
    Apr 2007
    Caribbean cliff edge

    Default Re: What is your take on Title V of House of Representative Bill #2847, known as "FAT


    Employers are eligible for a payroll tax credit when the employer hires certain new employees after February 3, 2010, and before January 1, 2011.[5] In order to take the payroll tax credit, the employee must have either been unemployed for at least 60 days prior to hire or worked fewer than 40 hours for another employer during the previous 60 days.[6] Employers do not pay the employer portion ofsocial security tax, which is 6.2 percent, on wages paid to eligible new hires.[5] In addition, employers receive a general business income tax break if the employer continues to employ the new hire for at least 52 weeks.[5] The tax break is the lesser of $1,000 or 6.2 percent of wages paid to the new employee during the 52-week period.[5] Household employers are ineligible for both tax benefits, as are new employees who are related to the employer.[7] Also ineligible are employees who earn more than $106,000 per year and employees who displace a current employee, unless the first employee resigned or was terminated for cause.[8] Employers may claim the credit after an eligible employee signs a statement affirming their previous unemployed status, such as Form W-11.[9][10]
    The Act also extends the $250,000 deduction limit under Internal Revenue Code section 179 through 2010,[11] authorizes $20 billion for highway and transit projects,[12] and makes reforms to municipal bonds.[1]
    Ostensibly to offset the costs of the Act, the new Foreign Account Tax Compliance Act (FATCA) enacts Chapter 4 of, and makes other modifications to, the Internal Revenue Code of 1986. It requires foreign banks to find any American account holders and disclose their balances, receipts, and withdrawals to the US Internal Revenue Service (IRS), or be subject to a 30-percent withholding tax on income from US financial assets held by the banks.[2] Owners of these foreign-held assets must report them on US tax returns if they are worth more than $50,000 and those who do not would be subject to a 30-percent penalty on the balance of the account in question.[2] FATCA also closes a tax loophole that investors had used to avoid paying any taxes on dividends by converting them into dividend equivalents.[13]
    However, as a result of FATCA European banks such as Deutsche Bank, Commerzbank, HSBC, and Credit Suisse have been closing brokerage accounts for all US customers since early 2011 citing "onerous" US regulations, which FATCA will make more complex when it goes into effect in 2013.[14][15]
    Enjoy a good rum on the rocks at sunset.

  3. #3
    Join Date
    Jan 2007
    Winnipeg MB

    Default Re: What is your take on Title V of House of Representative Bill #2847, known as "FAT

    Tell you this about FATCA, though - it is so poorly written that it threatens to penalize people like me who gave up their US citizenship, only to have it retroactively restored without consultation or consent, and whom the US government now expects to file tax returns and disclose financial holdings even though we have never lived or earned money in the USA.

    What are you doing about it?

  4. #4
    Join Date
    Oct 2008

    Default Re: What is your take on Title V of House of Representative Bill #2847, known as "FAT

    I'm no fan of it, as it extorts personal information from other countries. We have enough trouble with you guys stealing our information, why would we want to just give it to you?
    I'll just take my chances with those salt water joys.


  5. #5
    Join Date
    Feb 2010
    Freeland, WA

    Default Re: What is your take on Title V of House of Representative Bill #2847, known as "FAT

    Stansberry has ads all over the internet about the coming Obama scandal, etc. Just part of the vast right wing conspiracy. A Pless anal exhale here is in order.
    ​Freeland, WA

    Next election, vote against EVERY Republican, for EVERY office, at EVERY level. Make Lincoln great again.

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