Who the hell sneaked this one in?
http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls
From latest stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487),
This is in best tradition of the USSR, what's next, illegal to trade and hold foreing currency?
p.s. Sorry, if this was already discussed, search didn't pan anything
http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls
From latest stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487),
(a) IN GENERAL.—The Internal Revenue Code of 1986 is amended by inserting after chapter 3 the following new chapter:
‘‘CHAPTER 4—TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS
‘‘Sec. 1471. Withholdable payments to foreign financial institutions.
‘‘Sec. 1472. Withholdable payments to other foreign entities.
‘‘Sec. 1473. Definitions.
‘‘Sec. 1474. Special rules.
‘‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS.
‘‘(a) IN GENERAL.—In the case of any withholdable payment to a foreign financial institution which does not meet the requirements of subsection (b), the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment.
This is in best tradition of the USSR, what's next, illegal to trade and hold foreing currency?
p.s. Sorry, if this was already discussed, search didn't pan anything