Obama’s international tax plan - overseas banks balk

steveinbsas

Registered
While searching for information whether or not the Insurance Reform Act would require US citizens living abroad to enroll in a US "health care plan" and pay premiums for insurance that would not cover any health care received in Argentina OR pay annual fines of $2500 USD I came across the following:

http://radioviceonline.com/obamas-international-tax-plan-overseas-banks-balk/

Ironically, (at least for now) those US citizens who are working legally and have a DNI in Argentina can open a bank account here without providing their passport or social security numbers or a US address. As the US and Argentina don't have a tax treaty, I doubt that the IRS can force banks here to provide the information they desire or threaten them with an audit.

Meanwhile, I still wonder if the fines for not enrolling an an insurance plan in the US will apply to US expats living in Argentina. Here's more information about the proposed plan(s) and possible fines:

http://gangbox.wordpress.com/2009/07/17/president-obamas-reactionary-health-plan-to-force-you-to-buy-insurance-and-fine-you-if-you-dont/

If there is a foreign resident exemption, like the income tax exemption, it might only apply to those who live outside of the US at least 330 days of the year, but we can hope that "legal" residency in Argentina is not required and that passport history will provide sufficient evidence of foreign residence in order to qualify for an exemption.

More will be revealed, I hope.
 

bigbadwolf

Registered
If some of this gets implemented, it just won't be worthwhile holding a US passport. It could be a red tape nightmare.
 
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