I receive a weekly digest from the U.S. Treasury Dept. (although it seems not that often) and today it was about FATCA, Foreign Account Tax Compliance Act --an act passed by the Obama Administration in 2010. A little late for Timmy Geithner, though.
"FATCA was enacted in 2010 by Congress as part of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest."
Reading through the complex, obscure language that only bureaucrats can compose, I did determine that it isn't illegal to have foreign investments or work for foreign companies, so why are Obama ads (in Ohio, a swing state) making a big deal about Romney's legal investments regulated by our ever vigilant IRS? Except of course, to make voters think he's doing something illegal.
http://www.treasury.gov/press-center/press-releases/Pages/tg1653.aspx
Posts
No comments:
Post a Comment