HR 2847 Summary FATCA

HR 2847 Summary | Dollar Collapse | FACTA

By Dominick Giammarino

Last Updated On: January 26, 2015

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Looking for HR 2847 summary?  This bill has many people wondering what it’s true purpose it.  I have tried to make this article for the purposes of answering the question what does HR 2847 do? write about this bill in the best way possible using great sources.  To start off with, here is link to Wikipedia hr 2847 H R 2847 Wikipedia

http://democrats.waysandmeans.house.gov/bill/hr-2847-hiring-incentives-restore-employment-hire-act

Status: Mar 4, 2010 Passed the House 217-201; Mar 17, 2010 Passed the Senate 68-29, Mar 18, 2010 Signed by President Obama

H.R. 2847, the Hiring Incentives to Restore Employment (HIRE) Act, is identical to the Senate-passed version of H.R. 2847, with the following improvements: (1) the bill makes technical corrections to improve the effectiveness and administrability of incentives for hiring and retaining new employees, and extends these benefits to businesses in U.S. territories and possessions; (2) the bill restores the full value of the direct payment option for certain tax credit bond programs; (3) the bill delays the effective date of the worldwide allocation of interest provision for an additional year (through 2020) to ensure that the cost of the bill is fully offset.

H.R. 2847, also known as the Hiring Incentives to Restore Employment Act (or HIRE), was a Congressional bill passed into law in March 2010

Hiring Incentives restore employment hire and millions Americans pooper overnight.

Learn the truth about Federal Reserve Notes.  Read about Real Estate Stocks and also the Economic Outlook 2014.

HR 2847 – FATCA

This paragraph is regarding house bill 2847 FATCA.  As noted on the American Citizens Abroad web site: FATCA requires foreign financial institutions (FFI) of broad scope — banks, stock brokers, hedge funds, pension funds, insurance companies, trusts — to report directly to the IRS all clients’ accounts owned by U.S. Citizens and U.S. persons (Green Card holders).  Starting July 1, 2014, FATCA will require FFIs to provide annual reports to the Internal Revenue Service (IRS) on the name and address of each U.S. client, as well as the largest account balance in the year and total debits and credits of any account owned by a U.S. person.  If an institution does not comply, the U.S. will impose a 30% withholding tax on all its transactions concerning U.S. securities, including the proceeds of sale of securities.  In addition, FATCA requires any foreign company not listed on a stock exchange or any foreign partnership which has 10% U.S. ownership to report to the IRS the names and tax I.D. number (TIN) of any U.S. owner.  FATCA also requires U.S. citizens and green card holders who have foreign financial assets in excess of $50,000 (higher for those who are bona-fide residents abroad) to complete a new Form 8938 to be filed with the 1040 tax return, starting with fiscal year 2011.

Link to IRS pdf documentation www.irs.gov/pub/irs-drop/n-13-43.pdf

The following comes from http://www.house.gov/capuano/news/recentvotes/rv121609.shtml

Last Wednesday, the House considered HR 2847: Jobs for Main Street Act. The measure provides $48 billion to put Americans back to work rebuilding our roads, bridges, and transit systems, and through increased investments in cleaning our air and water. For transportation and water infrastructure alone, Massachusetts is expected to receive over $811 million, including $335.9 million for investments in transit. The bill contains $500 million to hire teenagers for summer jobs, $1.18 billion for the Community Oriented Policing Services (COPS) program, and $500 million for hiring and preserving the jobs of firefighters across the country. This measure also provides $1 billion for the Housing Trust Fund and $1 billion for the Public Housing Capital Fund to rehabilitate affordable housing rental units and repair public housing units. All of these initiatives will be fully paid for with remaining TARP funds, an idea I urged the President to consider in November. In addition, the measure would extend emergency unemployment benefits for 6 months and extend the COBRA health insurance subsidy for individuals who have lost their jobs. Finally, the bill would extend for one year the expiring authority for the federal government’s surface transportation programs. This extension of authority provides $905.2 million in normal formula funding, which is separate from the additional funding above.

HR 2847 – The U.S. Dollar Will Officially Collapse July 1, 2014 Yeah Right

There has been speculation that the United States Dollar (USD) will collapse on July 1, 2014.  Some people are searching for any information they can find on Bill 2847 July 1 2014, but as for a collapse, there is no clear evidence that this will occur.  If you want to know about H R 2847 consequences, perhaps the loss of privacy should be noted.  Some people may have seen a video or received an email from their friends with the words, “US Dollar Collapse July 1, I have not found enough evidence this will happen.   Some people have also tied this bill to Stansberry Investment Advisory, this may or may not be the real reason people are searching for this particular bill.Some point out Title V of Bill 2847.  It says TITLE V—OFFSET PROVISIONS Subtitle A—Foreign Account Tax Compliance.  Could this be a possible reason why.  See the screenshots below to view:

hr 2847 27

HR 2847 01

I have attempted to include here a brief summary of the bill.  It’s been said that this HR Bill is not really a jobs bill at all.  I will let the reader decide on that.  What about Green Jobs Act 2007 and Jobs for Main Street?  Those texts frequently site this bill.

 

http://www.gpo.gov/fdsys/pkg/BILLS-111hr2847enr/pdf/BILLS-111hr2847enr.pdf   Link to download the HR 2847 bill in it’s entirety.

If you have further questions regarding HR 2847 please comment below, thank you.

8 thoughts on “HR 2847 Summary FATCA

  1. thanks again for covering this i think its big now i agree with you on july 1st just this alone i don't think will strike right away although i know banks and institutions around the world are already getting rid of the dollar and us clients but after this is in place for real and the irs starts to hound foreign entities for maybe weeks or months after…watch out…thanks again man i think this is a huge move to destroy the economy that is barely functional at all as it stands today…

  2. There are several institutions in several countries that will open accounts (bank and brokerage) entirely through the mail, even for Americans. These institutions are financially solid and in countries exercising sound monetary practices. All are non FATCA participants, and none have any US locations, placing them entirely out of US jurisdiction. See for yourself: swisssolution.webs.com

  3. Hi Mr. Giammarino; I've been skimming over this bill and am a little confused about the effective date. This bill was written a few years ago, Am I correct? It says it is renewed each year thru 2020 or so. Is that correct? If so this has come into law every year since 2009, is that close to being correct? And if that is correct what's the big deal? I also read somewhere on the net that the collapse of the $$ would begin slowly and then suddenly drop not on the 1st of July as stated in some of the ?? here. And again has this fear come to this frenzy every year?

    • I don't know if the dollar will collapse on the 1st, personally, I don't think China will allow that, they have a lot of US Dollars. The bill is from 2010 I believe. I will have to make an update video soon about this, I don't have right now.

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