Posted on 03/29/2010 2:16:54 PM PDT by Major Matt Mason
It couldn't have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration's millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS.
(Excerpt) Read more at zerohedge.com ...
Isn’t this the same bill that new idiot from Mass. voted for, that idiot Scott Brown.
Who gets to be exempt?
New rule: The next lawmaker who engineers a torturous name for a bill in order to create a supposedly clever acronym gets whacked on the head with the Oxford English Dictionary.
He gets Volume 2 if the acronym is the opposite of what the law really does or is (PATRIOT, HIRE).
That’s a scary new law and it is very indicative of bad stuff coming for everyone.
They must be concerned about Flight of capital...but I am sure there is a clause exempting George Soros.
Its right out of the communist manifesto. literally- Obama is a communist revolutionary
Does this mean our Canadian “friends” (became naturalized American citizens) who voted for Obomba would have 30% of their assets taxed if they moved back to Canada?
Does it also mean if someone wants to invest in Canadian banks that 30% is the tax on that investment?
bookmark
Good question. Anyone know?
...who is a Lenin, Stalin, Hitler, Mao wannabe.
Dang, this totally slipped by me.
Hopefully foreign governments will tell the US Gov to go suck eggs.
Plus if you withdraw $10,000 or more from a bank account, the bank must notify the feds.
Clearly someone in the government expects people to soon want to get their money out of the country.
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