January 28, 2010 - Phil Hodgen

Obama questioned about FBAR penalties at townhall meeting? (UPDATE: no)

I got a call from a gentleman I know (not a client) who says President Obama was having a townhall meeting in Florida and about 11:15 a.m. California time he was asked by a woman in the audience about the FBAR penalties.

I haven’t seen this yet but I’ll look for it. The gentleman’s wife watched and reported that President Obama’s answer was the typical kind of feel-good non-committal non-answer mealy-mouthed touchy-feely mumbo-jumbo you’d expect from a politician of either party. (I’m an equal opportunity cynic when it comes to politicians!)

I’m checking on this and will get you some info ASAP.

UPDATE (12:24 p.m. PST): Ellen is watching the C-SPAN recording of the townhall meeting now to find the excerpt.

UPDATE (12:55 p.m. PST): so it turns out the question was from a woman complaining about the early withdrawal penalty for 401(k) withdrawals, and in her question she cited the offshore bank account amnesty as if it were a giant give-away to taxpayers with unreported foreign bank accounts. President Obama’s answer didn’t touch on the offshore bank account amnesty.

Video on C-SPAN. Fast forward to 01:10:40 timestamp.

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