How will HR 2847 Affect us?

[haymon]

The new law that makes foreign banks report to IRS.

Any answers will be helpful.

[stealthwarrior]

I think Adam answered this in his chat.

[Maggie123]

Thanks for posting Haymon I've been wondering.too after seeing others post how this could be so devestating for us.

 

As I understand it applies to foreign accounts that are over 50k and the foreign banks have to report the holdings.

 

I am clear about what that means for folks who have offshore accounts... just haven't connected the dots on how it would affect someone who does their banking in the US? There seems to be suggestions that it will and I sure would like to be let in on the info that I'm missing.

 

Hey Stealth I didn't see anything in regard to HR 2847 in Adam's chat... not this weeks anyways... fill us in if you would.

 

I honestly would like some input from members that know more about this than what I have been able to learn about it in my own reading.

 

Much Appreciated

[Goldiegirl]

Hey people...offshore accounts are not "illegal"  Our own politicians in Canada have them.

 

What is "illegal" is trying to hide money and not paying taxes on money you make through a business(s).  Anyone who has an offshore account and many people do, report that income to their respective country at tax time.

[Goldiegirl]

This is just not about the IRS looking at bank accounts. It's about the USA invading the person business of people all over the world.  Damn, talk about Big Brother. Control of the people.  Good luck to all my American friends.

[rulesforrebels]

The us can pass all the laws they want but they cant make foreign governments do anything. Most however will as they want to keep good relations with the us. Im not aware of thos law but this really has nothing to do with dinar unless you have an iraqi bank account. Nobody knows how much dinar you have unless you bought over 10,000 worth and it was reported as is any transaction over that amount

[calkid11]

Thank you

[unirod]

We'll see how many countries report to the IRS when the USD fails to remain in the worlds reserve currency status, as things could change rather quickly...IMO