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.
Senator Ted Cruz (R-Texas) voted against the NDAA, noting that it retained the indefinite detention provisions of past versions.
President Obama has pledged to sign into law the Murray-Ryan budget deal formally known as the “Bipartisan Budget Act of 2013.” The bill would increase discretionary spending limits over levels set by the sequester law signed two years ago, fund ObamaCare, and increase taxes — baggage “fees” for airline traffic.
House Liberty Caucus Chairman Justin Amash (R-Mich.) aptly summed up the bipartisan budget deal being pushed by House Speaker John Boehner in this quip on his Facebook page: “Republicans will agree to more spending, and in exchange, Republicans will get higher taxes.”
Congress is rushing to approve the latest version of the National Defense Authorization Act (NDAA) by the end of the year.