January 16

Foreign Banks Rejoice: Overreaching U.S. Tax Law in Trouble

Created, according to the Treasury Department, to catch offshore tax evaders, the Foreign Account Tax Compliance Act will require all foreign financial institutions to report the activities of their American clients to the Internal Revenue Service. Essentially, every overseas bank will have to act as a snooping agent for Uncle Sam. The penalty of not complying with FATCA will be that the institutions need to impose a 30% tax on non-compliant transfers or payments.This highly controversial tax ac...

 

- Letter to Treasury Secretary Lew from Congressman Bill Posey

- Letter to Treasury Secretary Geithner from Senators Rand Paul, Jim DeMint, Mike Lee, and Saxby Chambliss