Here again is the actual language of the bill:
‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED
STATES ACCOUNTS.—
‘‘(1) IN GENERAL.—The agreement described in subsection
(b) shall require the foreign financial institution to report the
following with respect to each United States account maintained
by such institution:
‘‘(A) The name, address, and TIN of each account holder
which is a specified United States person and, in the case
of any account holder which is a United States owned
foreign entity, the name, address, and TIN of each substantial
United States owner of such entity.
‘‘(B) The account number.
‘‘(C) The account balance or value (determined at such
time and in such manner as the Secretary may provide).
‘‘(D) Except to the extent provided by the Secretary,
the gross receipts and gross withdrawals or payments from
the account (determined for such period and in such
manner as the Secretary may provide).
Keep in mind Sam, this is not proposed legislation. This is already law.
There is much, much more in this bill. I’ve attached a PDF file containing the language of the bill. The important information can be seen if you scroll down to section on page 27 of the bill entitled:
TITLE V—OFFSET PROVISIONS
Subtitle A—Foreign Account Tax
Compliance
PART I—INCREASED DISCLOSURE OF
BENEFICIAL OWNERS
SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.
As we have suspected for some time, the U.S. government is closing the window for U.S. citizens to protect their assets by moving them offshore. It won’t be long before it will be punitively expensive to move any amount of money overseas for any purpose.
I haven’t seen this legislation discussed anywhere on the Internet and I think it would be a good story for the blog. Sadly, America is losing its freedoms and its citizens are standing meekly by while the noose of government control gets tighter and tighter.
Sprott Is Not Optimistic (39 Min)‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED
STATES ACCOUNTS.—
‘‘(1) IN GENERAL.—The agreement described in subsection
(b) shall require the foreign financial institution to report the
following with respect to each United States account maintained
by such institution:
‘‘(A) The name, address, and TIN of each account holder
which is a specified United States person and, in the case
of any account holder which is a United States owned
foreign entity, the name, address, and TIN of each substantial
United States owner of such entity.
‘‘(B) The account number.
‘‘(C) The account balance or value (determined at such
time and in such manner as the Secretary may provide).
‘‘(D) Except to the extent provided by the Secretary,
the gross receipts and gross withdrawals or payments from
the account (determined for such period and in such
manner as the Secretary may provide).
Keep in mind Sam, this is not proposed legislation. This is already law.
There is much, much more in this bill. I’ve attached a PDF file containing the language of the bill. The important information can be seen if you scroll down to section on page 27 of the bill entitled:
TITLE V—OFFSET PROVISIONS
Subtitle A—Foreign Account Tax
Compliance
PART I—INCREASED DISCLOSURE OF
BENEFICIAL OWNERS
SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS.
As we have suspected for some time, the U.S. government is closing the window for U.S. citizens to protect their assets by moving them offshore. It won’t be long before it will be punitively expensive to move any amount of money overseas for any purpose.
I haven’t seen this legislation discussed anywhere on the Internet and I think it would be a good story for the blog. Sadly, America is losing its freedoms and its citizens are standing meekly by while the noose of government control gets tighter and tighter.
More Here..
THIS PIECE IS A MUST MUST LISTEN TO -- ALL 39 MIN!
ReplyDeleteYou are merely cattle to the US government. Look out for the branding iron.
ReplyDeleteBe assured if this law is enacted, it will benefit the elite, only punish the small time hundred thousand or millionaires, not the elite.
ReplyDelete