Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Is it true that Obama is forcing US Citizens to divulge information about their FOREIGN bank accounts?

How UnConstitional is that?!?!?!

Update:

Check this out!!!!!

http//www.irs.gov/businesses/small/article/0,,id=210244,00.html

Q. What is an FBAR?

A. An FBAR is a Report of Foreign Bank and Financial Account. The form number is TD F 90-22.1 (PDF).

Q. Who must file an FBAR?

A. Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year

8 Answers

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  • 1 decade ago
    Favorite Answer

    They are making the foreign banks show secret tax havens to find tax cheats.

    Don't you people fill out your own taxes? The federal government gets earnings information because it's taxed!

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  • Anonymous
    4 years ago

    stop looking for a handout. What Obama said isn't material -- what Congress can pass is what counts. *** as to what 'should be' done -- here's my suggestion: government loans for everyone who wants them for any recognized program of study. the amount should be 'about' $2500 per month. repayment as follows -- your personal income tax rate, for the rest of your life, goes up 1/8th of 1 percent for every month you're in the program. no credits or rebates against this, ever. no minimum amount -- you pay 1/8th of 1 percent of your entire adjusted gross income every year for the rest of your life for each month that you're in the program. [no debt to heirs]. [if you get married, your rate and your spouse's rates are averaged. if you later divorce ... your rate returns to what it was, AND applies to any net assets you receive in the divorce.] this tax can not be canceled or reduced in bankruptcy. it continues to apply even if you move out of the country or get into a no tax situation. {note: four years of support at college equals a 4 percent of AGI tax obligation. If you go to law school on the program, it is 7 percent. etc.} *** this scheme would, imo, impartially treat everyone. if you use the education provided to make a fortune, you'll pay a lot in tax. if you later go into social work at poor pay, you won't. since the education can't be returned or repossessed, the debt can't be forgiven or canceled. how does this sound?

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  • Anonymous
    1 decade ago

    I hope every US taxpayer hiding funds offshore in and attempt to evade taxes on the associated income or on the investment itself ends up in jail. Failing that, I certainly hope the IRS is able to penalize them 100%+ of taxes evaded.

    If you are not willing to pay your fair share, leave.

    Audit, audit, audit the tax cheats!

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  • Anonymous
    1 decade ago

    You must be too young to have ever filed income taxes. Let me tell you how it works: you are REQUIRED BY LAW to divulge all of your earnings, even if you store them overseas. lol This was a law created when income taxes were created, long before Obama was elected.

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  • logan
    Lv 7
    1 decade ago

    Hmmm, isn't it already illegal to have offshore accounts that aren't disclosed to the government? I think it's called tax evasion.

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  • Anonymous
    1 decade ago

    That is not unconstitutional, those people are, in fact, engaged in tax evasion.

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  • 1 decade ago

    why yes, just last nite Obama came to my door, with gun in hand and made me hand over all of my personal financial information...

    Source(s): flippin stupid question deserves the same response..
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  • Anonymous
    1 decade ago

    Liberals just can't get enough of our loot.

    Liberals are so greedy and selfish.

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