"FACTA" - New U.S. Tax Regime is "Devastating," Experts Say- Jan. 01, 2014

What is FATCA? {More Money for the FAT-CATS}

New U.S. Tax Regime is "Devastating," Experts Say

By Alex Newman

January 01, 2014 "Information Clearing House - Already facing “pariah” status worldwide due to onerous IRS requirements, millions of Americans living and working abroad are preparing to deal with a deluge of even bigger problems in 2014, when a byzantine new tax regime starts going into effect. Known as the Foreign Account Tax Compliance Act, or FATCA, the deeply controversial and incredibly complex scheme is supposedly aimed at preventing tax evasion and gathering extra funds for the federal government. In reality, it will prove to be devastating, experts say — especially for middle-class Americans overseas and the U.S. economy.

Opposition to the draconian scheme, however, is mounting quickly even before FATCA has been fully implemented. Among the growing chorus of critics: the business community, bankers, Americans abroad, some members of Congress, investors, and even the Republican National Committee. More than a few trade associations and voluntary organizations are now either urging lawmakers to repeal FATCA entirely, or at least calling on the Obama administration to delay implementation and enforcement until the fiasco can be sorted out.

Around the world, outrage about the scheme is mounting as well, with foreign governments and financial institutions pointing out that the new tax regime essentially makes them unpaid agents of the IRS. About a dozen national governments have inked unconstitutional “agreements” with the Obama administration so far, laying the foundation for a global tax-information sharing regime. International bureaucrats working fiendishly for planetary taxation are celebrating, along with some attorneys and accountants hoping to profit, but serious concerns about the pseudo-treaties are growing....read more: http://www.informationclearinghouse.info/article37271.htm#idc-cover

FATCA

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What is FATCA?

FATCA also requires US citizens who have foreign financial assets in excess of $50,000 (higher for bona fide residents overseas –

 $200,000 for single filers and $400,000 for joint filers – see the IRS website for more details) to report those assets on a new Form 8938 to be filed with the 1040 tax return. Instructions for form 8938 were published in December 2011 and can be found on the IRS website.

Many Americans residing overseas are reporting banking lock-out. Many foreign financial institutions have simply chosen to eliminate their US citizens and US person client basis in order to minimize their exposure to FATCA reporting requirements, withholding fees and potential penalties.

The US Treasury has entered into Intergovernmental Agreements (IGAs) with a limited number of countries which will facilitate the transfer of information. The IGA agreements do include a non-discriminatory clause that is aimed at helping to alleviate issues of lock-out of banking services US citizens and US persons.

To learn more about FATCA and how it might impact you, you can consult the IRS website or speak to your tax advisor for more information.

(Updated August 2013): http://americansabroad.org/issues/fatca/

--2014 New Years Resolutions -- 7 RULES To FIND a Decent GYM--

 --2014 New Years Resolutions -- 7 RULES To FIND a Decent GYM-- "I watch these movies and I start thinking about actually working out. But the problem is you can't just JOIN A GYM anymore.

 People these days have to join the gym where they have the new Super Boxing Workout where you actually get knocked out once a day, stop going to a gym entirely and do yoga, go to European gyms, Japanese gyms, or Hindu gyms. It's like the idea of "working out"--JUST working out--is old-fashioned."

 Now you have to work out a the newest, hippest, most up-to-date joint in town. With this in mind, I thought I would pass along my own rules for finding a decent gym.:

 First of all - don't work out at any gym that doesn't have at least ten guys with actual knife scars on their bodies. Otherwise, it's not a real gym. At a real gym, people USE their bodies. They don't work out to make their bodies LOOK good. Big difference.

Second-- go over to the barbell rack, and see what's the largest weight they have. If it's a real gym, they'll have some of those 150-pound HAND weights, the kind that only three guys in the history of the universe have been able to use.

Third--- ask em if they have aerobics classes. If the answer is "Yes," leave immediately. Not a real gym.

Numero Four-o--- If anybody is wearing PASTEL gym clothes, get out of there. In real gyms, the only acceptable colors are brown, dark gray and black (including black SOCKS.) And the most popular uniform is the high school basketball team workout jersey that hasn't been washed in 15 years.

Rule number five----- A real gym will always have signs on the wall that are totally disgusting.
Like "NO SPITTING IN THE FOUNTAIN" and "TRAIN AT YOUR OWN RISK," and "DO NOT THROW WEIGHTS AGAINST THE WALL."

Rule six------ The bench press must always be a life-threatening experience. For those of you not
 familiar with it, the bench press is where you lie on your back and raise a piece of iron directly
 over your skull that, if you drop it, could put a dent in your brain about four inches deep. The object
 is to raise this weight up and down until your arms are totally exhausted, so that, one-half second BEFORE you drop it on your brain, your "partner" can grab it and put it back on the rack.
 At a REAL gym, the partner always waits until one-FOURTH second before you suffer permanent brain damage--to get that extra "benefit" from the last rep.

 Rule numbero seven-o------: At a real gym, if somebody yells "Telephone for Manny!" at least eight guys should go to the phone.

 From Joe Bob Briggs: http://www.angelfire.com/mn/nn/RoadWarrior.html

Following Commentary by Me: Journeyman Jack In Ecuador - "JJIE" 

 Funny -- Now that I may or may not have your attention-- Here is another New Years Resolution to consider, on a more serious note, following up on Joe Bob's analysis of: Mad Max 2 Road Warrior:

 The Road Warrior is a post-apocalyptic action thriller film from 1981 directed by Australian director George Miller, this sequel to Miller's 1979 film Mad Max was a worldwide box office success that launched the career of lead actor Mel Gibson.

 It is amazing to me how often times "Art (drama / theatre) Imitates real life events" or -- Predictive Programming: is a subtle form of psychological conditioning provided by the media to acquaint the public with planned societal changes to be implemented by TPTB.

If and when these changes are put through, the public will already be familiarized with them and will accept them as natural progressions thus lessening any possible public resistance and commotion.

 Predictive programming therefore may be considered as a veiled form of preemptive mass manipulation or mind control, courtesy of our puppet masters.

Mad Max: "If You want to get out of here? You talk to me."
Mad Max: "I'm the best chance you got."

 So you may ask yourself what is this Guy getting at? - talking about?  .:FUKUSHIMA:. Since 11 MAR 2011 for nearly 3 years:

#25 The Japanese government has estimated that approximately 300 tons of highly radioactive water is pouring into the Pacific Ocean from the destroyed Fukushima nuclear facility every single day.

--Pacific Ocean Currents- from NASA (NGDC) In the North Pacific, the Kuroshio current flows eastwards across the Pacific from Japan to the coast of North America, where it turns south as the California current, then flows west again as the north equatorial current. --

#29 It is being projected that significant levels of cesium-137 will reach every corner of the Pacific Ocean by the year 2020.

#32 The Iodine-131, Cesium-137 and Strontium-90 that are constantly being released from Fukushima are going to affect the health of those living in the northern hemisphere for a very, very long time. Just consider what Harvey Wasserman had to say about this:

    Iodine-131, for example, can be ingested into the thyroid, where it emits beta particles (electrons) that damage tissue. A plague of damaged thyroids has already been reported among as many as 40 percent of the children in the Fukushima area. That percentage can only go higher. In developing youngsters, it can stunt both physical and mental growth. Among adults it causes a very wide range of ancillary ailments, including cancer.

    Cesium-137 from Fukushima has been found in fish caught as far away as California. It spreads throughout the body, but tends to accumulate in the muscles.

    Strontium-90’s half-life is around 29 years. It mimics calcium and goes to our bones.

#34 According to the Wall Street Journal, it is being projected that the cleanup of Fukushima could take up to 40 years to complete.

#36 There are very alarming reports that new “unexplained plumes of radioactive steam” are rising at Fukushima. Japanese officials are not able to get inside and see what is causing these plumes. Some are speculating that the crisis at Fukushima just got a whole lot worse. The following is from a recent Ecologist article:
    Unexplained plumes of radioactive steam have been rising from Fukushima’s Reactor Building 3, Could a major meltdown be on the way?

    Fukushima’s Reactor Building 3 exploded on 13th March 2011 as a result of a hydrogen buildup, breaching the building’s containment and emitting a huge plume of radiation. The reactor itself is in meltdown.

    And now fresh plumes of steam have been seen coming out the structure. These have now been confirmed by Tepco, the owner of the nuclear plant, from 19 DEC 2013 onwards. The company believes the steam is coming from the fifth floor of the building.

    However it does not know the cause of the steam. Lethal levels of radiation and the physical damage to the structure have so far made entry and inspection impossible.

If a full-blown meltdown does happen at Fukushima, it would be an environmental disaster unlike anything that we have ever seen before in human history.

 As we enter 2014 and approach the 3 yr Anniversary 11 MAR 2014 of Fukushima, I humbly ask you to research - search engine - Google: Fukushima for yourself and begin to think about getting out of the Northern Hemisphere.

 There are many viable options in the Southern Hemisphere besides South America, Ironic that the Mad Max Road Warrior Films were Set & Filmed in Australia and that could be a viable relocation option for a while, same longitude as Japan but well South of the atmospheric fallout in Northern Hemisphere, and could be a while before the South Pacific Ocean Equatorial Countercurrent is breached.

 South Africa is in a good geographical position, and of Course the South American Countries of Argentina - Uruguay - Paraguay - Brazil - Chile - Peru and a good bit of Ecuador.

 Only about 15% of Ecuador's Land Mass lies North of the Equator. If you were to consider Ecuador you may want to Look at Towns & City's well below the equatorial line:  400km Macas - 500km Cuenca - 600km Loja - 700km Vilcabamba.
As for the Coast of Ecuador we have the Humboldt Current turning counter clockwise just below the equatorial line. Beginning In the fishing Villiage of Jama & Southwards you can begin to feel these strong effects in the climate & the currents of the Pacific Ocean.--

 --Pacific Ocean Currents- from NASA (NGDC) In The Southern Pacific Ocean has a counterclockwise subtropical gyre , consisting of the westward flowing South equatorial current in the north, the southwards flowing Australia current, the Antarctic circumpolar current that flows east, and the Peru Current that flows northwards near South America. --

 Moving to the Southern Hemisphere and or South America - Ecuador is not a 100% fool proof plan to totally avoid the atmospheric wind currents & ocean currents spreading radiation contamination and exposure.   

 If the International community could come Together and assist and or take over the clean up process from TEPCO / JAPAN before it breaches the equatorial line and enters the South, it could buy you another 5 - 10 years of much less radiation exposure than remaining in the Northern Hemisphere.

“Nuclear power is one hell of a way to boil water!” ~ Albert Einstein~

"Learn from yesterday, live for today, hope for tomorrow." - Albert Einstein~

 "The World is my Country. All Mankind is my Brethren. And to do Good is my Religion." ~ Thomas Paine ~ 

Read more at http://freedomoutpost.com/2014/01/36-signs-media-lying-fukushima-radiation-affecting-west-coast/#rmJ0cPXKLZQ2E0E3.99

Quotes from Mad Max 2 / 1981 Road Warrior Movie: — “You wanna get outta there, you talk to me.” — “I may just be the best chance you got.” --- Journeyman Jack -- 2014 --

All of my web & blog links, articles, photos, videos, references, info and contact tel. #'s - US & EC. are all below:

Thank you! Jack,
journeymanjack.com@gmail.com
see Ecuador: http://JourneymanJack.com/

toll free from U.S. & Canada:
770-828-7913 or 770-872-4104,
Ecuador Off: 011-(593) 2-349-0348,
Claro: 011-(593) 98-806-6508,
Movistar: 011-(593) 98-743-3009,
Talk free on "skype" user name: "Jack.Abercrombie"

Fb: http://www.facebook.com/JourneymanJackinEcuador

Blog: http://journeymanjackinecuador.blogspot.com/

You Tube: http://www.youtube.com/channel/UCzl4rnxszGXGXEn-WY91hzg

Linked: http://www.linkedin.com/in/jackabercrombie

twitter: https://twitter.com/CatManDoTractor

My google maps - saved places - frequented in EC:
https://maps.google.com/maps/ms?msid=212187393968777541090.000479e892ce8f4227992&msa=0


Photos of the Transport - Tour Vehicle: 2011 Kia K2700 Diesel 1.5 Ton 4wd / 4dr / half mini van /
half truck: https://plus.google.com/photos/108089047953129234429/albums/5684719527378323953?banner=pwa

Journeyman Jack in Ecuador Day Tours, UIO Airport p/u & Shuttle,
 Mtn, Coastal, Jungle 4x4 Van Service & Gen. Transport:
(ecuador craigslist > services offered > travel/vacation services)
http://quito.es.craigslist.org/trv/4254354064.html

Panama Passes Law To Tax Worldwide Income on December 31, 2013

 Whhoaa -- I'm Thankful to not be that guy: "Panama Jack" Panama Passes Law To Tax Worldwide Income on December 31, 2013 -- the Panama assembly has passed (and it has been signed by the president) an amendment to the Codigo Fiscal that will make worldwide income subject to Panamanian income tax.

  In other words, they want to do what the US does (but vitually no other country does) by taxing any of your income anywhere in the world. This will be a definite game changer for most expats, as well as many Panamanians.

 This was passed during the extraordinary sessions of the Assembly, with virtually no debate and no notice. According to the article it may affect hundreds of thousands of corporations as well as individuals.: http://boquete.ning.com/forum/topics/panama-passes-law-to-tax-worldwide-income?commentId=1434455%3AComment%3A457294&xg_source=activity

Happy N Y E report: Could Ecuador be the most radical and exciting place on Earth?

Could Ecuador be the most radical and exciting place on Earth?

A decade ago, Ecuador was a banana republic, an economic basket case. Today, it has much to teach the rest of the world- 

President Rafael Correa's approval ratings are in excess of 70%. Photograph: Guillermo Granja/Reuters

 

  Ecuador must be one of the most exciting places on Earth right now, in terms of working towards a new development paradigm. It shows how much can be achieved with political will, even in uncertain economic times.

 Just 10 years ago, Ecuador was more or less a basket case, a quintessential "banana republic" (it happens to be the world's largest exporter of bananas), characterised by political instability, inequality, a poorly-performing economy, and the ever-looming impact of the US on its domestic politics.

In 2000, in response to hyperinflation and balance of payments problems, the government dollarised the economy, replacing the sucre with the US currency as legal tender. This subdued inflation, but it did nothing to address the core economic problems, and further constrained the domestic policy space.

 A major turning point came with the election of the economist Rafael Correa as president. After taking over in January 2007, his government ushered in a series of changes, based on a new constitution (the country's 20th, approved in 2008) that was itself mandated by a popular referendum. A hallmark of the changes that have occurred since then is that major policies have first been put through the referendum process. This has given the government the political ability to take on major vested interests and powerful lobbies.

 The government is now the most stable in recent times and will soon become the longest serving in Ecuador's tumultuous history. The president's approval ratings are well over 70%. All this is due to the reorientation of the government's approach, made possible by a constitution remarkable for its recognition of human rights and the rights of nature, and its acceptance of plurality and cultural diversity....read more: http://www.theguardian.com/commentisfree/cifamerica/2012/jan/19/ecuador-radical-exciting-place

Will Manta Be Ecuador's Third International Airport? - December 30, 2013

Monday, December 30, 2013

Will Manta Be Ecuador's Third International Airport?

Reports pop up periodically, mostly on websites and blogs aimed at potential expats, that Ecuador is about to designate Manta as its third international airport, after Quito and Guayaquil. A few years ago, a popular move-overseas site tipped off its readers to a screaming real estate deal; buy property around the Manta airport quickly, it advised, before flights from Miami and Houston start arriving. Recently, another site pushing a Manta real estate development noted that new international flights were sure to make property prices soar.

What's the real story? We talked to an official at Ecuador's Dirección General de Aviación Civil to find out.

Ecuador actually has 11 airports with international designations, the official pointed out. Beside Quito and Guayaquil, airports in Cuenca, Manta, Santa Rosa (Machala), Salinas and Baltra (Galapagos) and five others, are classified as international. The international tag, he said, simply amounts to planning for the future and does not mean flights from the U.S. and Argentina are imminent. In fact, he says, it will probably be years before Ecuador needs another international passenger airport and, when it does, Cuenca would probably be the top choice based on demand.

He added: "Manta is already an international cargo airport and we expect it to grow in this capacity. As far as passenger service goes, Manta is the seventh or eighth largest city in Ecuador so there is minimal demand for international service."

For the record, the official said that the top five airports in Ecuador based on passenger traffic are (in order): Quito, Guayaquil, Cuenca, Baltra and Manta.

Ecuador struggles to keep drug trade out of the country while activity increases in the jungle and northern coast

Posted By Admin | Published: December 22, 2013 22:04

Although Ecuador has managed to keep most of the drug trade outside of its borders, there are increasing signs that it is making inroads along its northern border with Colombia and on the Pacific coast.

The dreaded Mexican drug cartels have allied with former paramilitaries and guerrillas in Colombia and frequently encroach across the border into Ecuador. Although the Revolutionary Armed Forces of Colombia (FARC) officially claims that it is not involved in the drug trade, overwhelming evidence suggests it is, mostly for the purpose of financing its military activity. In many cases, it appears that drug cartels have joined forces with FARC and use remote northern Ecuadorian jungle areas as drug collection and distribution sites....read more:

The expat life as seen through the eyes of an Ecuadorian; battling stereotypes and adapting to new environments

Posted By Admin | Published: June 28, 2013 06:32

Editor's note: Adapting to life in Ecuador is an on-going topic of conversation among North American expats. Yolanda Reinoso Barzallo turns the tables and tells the story of being an Ecuadorian living in the Middle East and the U.S. She is a native of Cuenca and the author of a novel, Días de Arena y Dátiles and a collection of short stories, Muros de Papel: Cuentos. 
By Yolanda Reinoso Barzallo

I have been an expat for the last 10 years of my life.

This may not seem remarkable to many people in Cuenca, a city with thousands of North American and European expats. My story, however, has a different twist.

I am a Cuencana. I was born and raised here and my family continues to live here.  I married a gringo from Florida who came to Cuenca to teach English and then moved with him, 10 years ago, when his work took him to the Middle East. Later, we lived in the U.S., in New York and Colorado, before moving back to Dubai in the United Arab Emirates.

I would like to share with you my perspective on the expat life and how I have changed by being exposed to new cultures....read more:

Ecuador: Tales from the Middle of the Earth: A Tale of an Ecuadorian Night Watchman

Ecuador: Tales from the Middle of the Earth: A Tale of an Ecuadorian Night Watchman: In Ecuador, there is a tradition of the Night Watchman. It took me about a month to completely acclimate to my surroundings before I became ...

Correa slams report on CIA role in Ecuador strike- Quito (AFP) - Dec 23, 2013 -

Correa slams report on CIA role in Ecuador strike- Quito (AFP) - Dec 23, 2013 - Ecuador's President Rafael Correa warned Monday that reports US intelligence played a role in a 2008 Colombian attack on FARC rebels in his country could threaten regional peace efforts.
 

Over the weekend, the Washington Post reported that a secret Central Intelligence Agency program had helped Colombia kill at least two dozen leftist guerrilla leaders.

And, according to the report, it was thanks to US intelligence that the FARC number two, Raul Reyes, was found and killed in a cross-border attack on Ecuador in 2008 that left 24 dead.

Ecuador temporarily broke diplomatic relations with its Andean neighbor following the incident.

On his Twitter account, Correa wondered if these "very serious" revelations and other recent disagreements between his government and Washington were simply coincidence.

He speculated that the report was an attempt to affect Ecuador's relations with the United States and Colombia and "above all, the peace process" under way between Colombia and the FARC.






"At this point, I don't believe in 'coincidences.' Colombia and the international extreme right are capable of anything!" he wrote.

According to the Post, a secret CIA program in Colombia was initially authorized by president George W. Bush around 2000 and has been continued under his successor Barack Obama.

The covert operation provided intelligence to help locate the FARC leaders and supplied a special GPS guidance kit that helped Colombia convert standard bombs into precise smart munitions.

The 2008 incident triggered a diplomatic crisis between Bogota and Quito, with Ecuador suspecting the attack was orchestrated with the help of the United States, despite denial from Colombian authorities.

The governments fully restored relations in 2011....read more: http://news.yahoo.com/correa-slams-report-cia-role-ecuador-strike-213223229.html