Propaganda Debunking

though I am pretty sure if the republicans take the house and senate, we can all kiss our asses goodbye.

This seems to be mostly worried about not having such easy access to foreign tax shelters.

H.R. 2847, also known as the Hiring Incentives to Restore Employment Act (or HIRE), was a Congressional bill passed into law in March 2010 that sought to provide payroll tax breaks and incentives for businesses to hire unemployed workers. A section of that bill, the Foreign Account Tax Compliance Act (known as FATCA), sought to eliminate the non-compliance of U.S. taxpayers who hold foreign accounts by requiring those taxpayers (including those living outside the U.S.) to report certain foreign accounts and offshore assets to the government, and by requiring foreign financial institutions to report information about the ownership of overseas assets held by U.S. taxpayers to the government:
Read more at http://www.snopes.com/politics/conspiracy/hr2847.asp#ddgPMJ7rJ6h752JP.99