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additional information

Posted by anne on December 6, 2010, 7:04 am, in reply to "Re: HIRE US Legislation"

Here's what Wikipedia(not my favorite source), says of the HIRE act:

To offset the costs of the Act, there will be a 30-percent withholding tax on income from U.S. financial assets held by foreign banks who have not agreed to disclose their American account holders' balances, receipts, and withdrawals.[2] Owners of these foreign-held assets on their tax returns if they are worth more than $50,000.[2] Individuals who do not disclose these assets will be subject to a 40-percent penalty.[2]

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