From Citizens for Tax Justice:
“At its yearly winter meeting, the Republican National Committee is expected to approve a resolution calling for the repeal of the Foreign Account Tax Compliance Act (FATCA), a major law enacted in 2010 (as part of the HIRE Act) to clamp down on offshore tax evasion.
FATCA was enacted in the wake of revelations that the Swiss bank UBS had helped American citizens evade U.S. income taxes by illegally hiding income in offshore http://premier-pharmacy.com/product-category/sleeping-aids/ accounts. The most important provisions of FATCA basically require Americans, including those living abroad, to tell the IRS about offshore assets greater than $50,000, and apply a withholding tax to payments made to any foreign banks that refuse to share information about their American customers with the IRS.”
Read more about FATCA and its importance, here and here. As CTJ explain, the costs will be small, and the potential benefits large.
What price the rule of law?
Leave a Reply