Transcript of the above video:

I haven't really discussed tax that much here recently. We have been dealing a lot with Immigration and there have been a lot of developments in Immigration but some things are coming down the pike that I think will probably have an impact on Americans living abroad. 

A recent article, this is from Forbes, forbes.com, the article is titled: Under Biden Plan, the IRS Would Know A Lot More About Your Bank Accounts. Quoting directly and they are talking about this American Families Plan which has been proposed by the Administration. It is a pretty massive spending Bill and then it poses the question: "How is this going to be paid for?" Quoting directly: "By increasing IRS enforcement, by increasing reporting obligations for financial institutions, and by raising taxes on the wealthy. Each aspect of this plan is worthy of its own column. This column will focus what a senior Administration Official called one of the "significant steps" designed to make "sure that taxpayers are paying the taxes they already owe" increased reporting applications for financial institutions.”

I think this is going to have a tremendous impact on not only folks in the United States and presuming it passes in its current form although I suspect it will be in some similar form. The raw law is always a weird thing when they first push it through and it is comes into the world; the raw law is always very difficult to read. It is actually kind of fun; well what I call fun. I deal with some CPAs sometimes and we go back and forth sort of parsing through the raw law in the aftermath of one of these getting passed. It happened after the Trump Tax thing and I suspect probably we will be doing a lot of that if and when this actually gets through. 

Long story short and the thing to take away from this video, be prepared that if and when this gets passed, if you are an American especially an American abroad and especially with banking in and outside the United States, there could be tremendous ramifications upon passage of this bill for Americans in that position.