What is a new tax planned to be introduced in US

Hello,

I read quickly about a month ago about a new tax that is planned to be introduced in a couple of years in US with respect to trading activity/international transactions...the abbreviation as far as I remember consisted of 5 letters but I just cannot remember what was it and I would like to read more about it.

Hope someone understands what I am talking about.

 

SNAFU

I also have a number of 4 letter abbreviations.

 

drop them here, if I see it, I will remember

 

FACTA

http://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

 

The FACTA stuff
I live in another country, i wasn't born in the US but i have
an account with a US broker does this new tax change my
tax situation with the US?

 

yes, FACTA! Thanks!


SplitFire - FACTA and recent changes are related to U.S. citizens and green card holders.

But you still should consult with tax advisory with respect to taxation of your activity by the U.S. (I hope you understand you are expected to pay to a tax authority of the country you are a tax resident of).