Foreign bank accounts are just the first step
In November of 2008, America was sold on the "Hopey, Changey, Yes We Can" promise of Barack Obama.
Well America, your hope has been shot since you elected him into office. Now, here comes more of the change Obama was really talking about.
Are you ready?
On July 1, America will be changed forever, thanks to a law passed in 2010 known as H.R. 2847, the Hire Incentives to Restore Employment (HIRE) Act.
Inside this bill is the Foreign Account Tax Compliance Act. This law, known as FATCA, makes U.S. residents accountable for money invested in foreign banks by requiring the offshore financial institutions to provide a 1099 form to the Internal Revenue Service for their American customers. The banks abroad may be forced to submit information on total assets, account balances, transactions, account numbers and other types of personal identifying information.
Here's a question for you. do the banks of other countries have to obey American laws? What will happen to them if they don't? I
f I was a bank overseas, I would tell the U.S. to kiss off and that we don't have to obey their laws in our country!
What we do know is that FATCA makes it virtually impossible for Americans to protect their savings overseas. Think about it, that's why Americans invested overseas to begin with. They don't want to pay high taxes in America, they don't trust the American government and it's none of the feds' darned business. What we don't know is what ramifications this law will have on U.S. citizens trying to protect their money and assets overseas.
All of that being said, the man who isn't aware of any wrongdoing in Benghazi, who didn't know a thing about any IRS scandal, who was also not aware of the Fast and the Furious gun scandal, the most uninformed person in America, our president of the United States. actually has an estimate on how much FATCA will generate in revenue for the benefit of the government. He estimated $210 billion over a 10-year period, stealing your hard-earned dollars.
So how does all of this affect you? You may be thinking, "I don't have any bank accounts overseas, what do I care about H.R. 2847? It doesn't affect me personally because all of that stuff affects rich people, not me."
But consider this, if our own government is willing to go after other countries' banks to find out if they can profit from Americans saving money overseas, then what chance does your pension or 401K have inside our own borders?
I honestly believe that Obama will show up on TV someday and claim that he must have our pensions and 401K accounts in order to keep America from financial collapse because we are over $17 TRILLION in debt and he will claim that this is the only way.
Stay alert America. It only gets worse from here.