FATCA Repeal Becomes a Partisan Issue

CF&P President Andrew Quinlan commented, “The costs of FATCA’s misguided fiscal imperialism are mounting. It is past time for elected officials to wake up to the unmitigated disaster that they have unleashed upon the world.”

IRS vs expats

It has been reported that the Republican National Committee has passed a resolution at its winter meeting on January 24, 2014 that called for the repeal of FATCA, a law that the Wall Street Journal referred to as “aimed at U.S. tax evaders.” The IRS has been active in publicizing the coming enforcement of this controversial law which was tacked on to 2010 legislation passed to increase employment in the United States. The controversial FATCA amendment, which has nothing to do with employment, may represent an invasion of privacy and is accredited with causing an increase in EXPATS loosing banking privileges in their home countries and even with causing the recent increase in renouncing their citizenship. That number has grown from 742 in 2009 to more than 1,854 last year, according to State Department figures. It is also said to

The Republican party adopted a resolution to repeal the Foreign…

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