Obama Currency Law - effective July 1

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Anyone else have a laymen's definition of what is going to happen in two days?

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unless you have a bank account overseas that you're using to hide from the IRS, it doesn't affect you anyway.

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What is the supposed benefit or advantage of this law?

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Please explain.

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Then, in 2010, Congress passed and Obama signed a new tax law buried deep inside an unrelated “jobs” bill. That changed everything. Of course, even before that, it was already hard enough to be American overseas — filing endless amounts of paperwork with the IRS, paying taxes on worldwide income, disclosing foreign bank accounts and assets, and risking life-destroying penalties even for innocent mistakes. When the 2010 scheme became law, though, it was simply too much to bear.

Suddenly, Ruth, like millions of other everyday Americans overseas — missionaries, spouses, teachers, small-business owners, so-called accidental Americans who’ve never even stepped foot on U.S. soil, and countless others — were stuck in a Catch-22. Foreign banks were shutting down Americans’ accounts. Many businesses no longer wanted anything to do with “U.S. persons,” preferring to steer clear of the infamous IRS. Americans abroad were suddenly pariahs.

Ruth’s husband, who makes around $50,000 a year as a technician, drew the line at giving the Obama administration unfettered access to all of the family’s private financial information — and potentially even their meager savings if, for instance, the IRS claimed to uncover some minor mistake or oversight in the mountains of complex paperwork Americans abroad are forced to file every year. Moving to the United States was not an option either.

She cried a lot about it. “I’ll never be truly over the fact that I had to lose my citizenship but, it has happened,” Ruth said, adding that she is “horribly hurt” by all of it. “I still feel as if it must be some bad dream since it cannot be possible that the U.S., the country I loved with all my heart, has caused me to have to choose between my family here in Canada or my country of birth. And yet, it is real.”

To the political class in Washington, Ruth doesn’t exist. Like the millions of other Americans suffering hardship, she’s just a “myth” to the politicians and administration bureaucrats searching, like a flailing drug-addicted giant on the verge of collapse, for just a few extra dollars to stay afloat just a little while longer. Washington is determined to collect that extra billion or so per year in taxes.

So, in 2010, without any hearings or analysis, the Foreign Account Tax Compliance Act (FATCA) — hidden in the misnamed “HIRE Act” and passed largely by Democrats — was officially born. In essence, it is an attempt to turn every foreign government and financial institution on the planet into extensions of the U.S. tax regime, and is supposed to work by imposing huge penalties — a 30-percent “withholding tax” on all U.S. transactions, including sales of securities — on firms that do not hand over all information they have on “U.S. persons” to the IRS.

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Just tell me how much gold I need to buy.

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