Republicans Want To Do Away With Law Targeting Tax Dodgers
The Republican National Committee is calling for repeal of the 2010 Foreign Account Tax Compliance Act that goes after those who hide money in offshore accounts to avoid paying taxes.
FATCA will require most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers’ accounts worth $50,000 or more. The law was enacted after a scandal involving Americans hiding assets in Swiss bank accounts to dodge U.S. taxes.
Critics have blasted the law as an unfair government overreach and invasion of financial privacy…
Tax watchdog groups that support FATCA slammed the Republican vote. “It is mind-boggling that a major political party would even consider endorsing a resolution to facilitate tax evasion,” said Heather Lowe, director of government affairs at anti-graft watchdog group Global Financial Integrity.
“Repealing the law would cripple the U.S. and global efforts to fight offshore tax evasion,” she said in a statement.
Republicans will do everything they can to lower taxes and fight laws that help bring that money into the treasury, and then complain about deficits and debt.