FATCA: New Tax Effective July 1, 2014Catherine J. Frompovich According to American Citizens Abroad, 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 every year 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. [1] Heres the official IRS/government spin about FATCA. One of the things Stansberry mentions is a probable new wealth tax of 10% on EVERYTHING we own, plus nationalizing 401k and pension plans! A while back I had heard the Obama administration realized that USA 401k and pension plans total values were close to the national debt, so that could be a way to save the country from bankruptcy while everyone will have an opportunity to pay his/her fair share to help bail out the country apparent Socialism in action! Here we go again bailing out those who muck up! Additionally, Id been hearing about a 10% haircut on all USA bank customer accounts similar to the Cyprus-style event ever since that Cyprus bank fiasco [5], which probably was a trial balloon to see how it would fly. However, Stansberry seems to think something like it may become a reality for the USA starting in July 2014 since the U.S. dollar is in the process of being shunned as the world reserve currency. Who would have thought that the Chinese Yuan would be considered to take its place? See what buying all those cheap Made in China goods did for US? Who knows what will happen, especially with the turkeys we have running Washington, DC. Anything, I guess, is possible. So, Im sharing this with you in order that you may have a leg up just in case you havent heard about the new tax, plus IRS law enforcement taking effect July 1, 2014. Are you prepared? Notes: Catherine J Frompovich (website) is a retired natural nutritionist who earned advanced degrees in Nutrition and Holistic Health Sciences, Certification in Orthomolecular Theory and Practice plus Paralegal Studies.Her work has been published in national and airline magazines since the early 1980s. Catherine authored numerous books on health issues along with co-authoring papers and monographs with physicians, nurses, and holistic healthcare professionals. She has been a consumer healthcare researcher 35 years and counting. Catherines latest book,published October 4, 2013, is Vaccination Voodoo, What YOU Dont Know About Vaccines, available on Amazon.com. Her 2012 bookA Cancer Answer, Holistic BREAST Cancer Management, A Guide to Effective Non-Toxic Treatments, is available on Amazon.com and as a Kindle eBook. Two of Catherines more recent books on Amazon.com are Our Chemical Lives And The Hijacking Of Our DNA, A Probe Into Whats Probably Making Us Sick (2009) and Lord, How Can I Make It Through Grieving My Loss, An Inspirational Guide Through the Grieving Process(2008). 