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:

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.