Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPaul, Meadows offer bill to repeal offshore tax law
http://thehill.com/policy/finance/327699-gop-lawmakers-offer-bill-to-repeal-offshore-tax-lawPaul, Meadows offer bill to repeal offshore tax law
By Naomi Jagoda - 04/06/17 05:14 PM EDT
Rep. Mark Meadows (R-N.C.) and Sen. Rand Paul (R-Ky.) offered legislation Thursday to repeal an Obama-era offshore tax law.
The bill would do away with provisions of the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information about accounts held by U.S. citizens to the IRS.
FATCA was designed to fight offshore tax evasion. But Meadows and Paul said that the law violates citizens' privacy rights. A release from Meadows's office also claims the law has led to people giving up their U.S. citizenship in record numbers.
Over time, its become clear that FATCA goes well beyond what is permissible under Fourth Amendment protections and places a serious burden on taxpayers," said Meadows, who chairs the House Freedom Caucus.
Paul said that the law "discourages foreign investment and prevents Americans from accessing the financial system overseas."
Congressional Republicans and President Trump have made tax reform a high priority, and a number of free-market groups are lobbying for FATCA repeal to be included in tax reform legislation. The Republican Party platform also calls for a repeal of the law.
Meadows and Paul introduced similar legislation last Congress. Earlier this week, they sent a letter to Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney, urging the Trump administration to issue a statement saying it is committed to repealing the law.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 3281 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Paul, Meadows offer bill to repeal offshore tax law (Original Post)
babylonsister
Apr 2017
OP
world wide wally
(21,743 posts)1. Rand Paul is one of the biggest phonies in America
N_E_1 for Tennis
(9,722 posts)2. This crap just keeps getting better everyday...
The fucking hypocrisy is sooo blatant its juvenile.
It's ok to totally screw up our internet privacy but...
FACTA violates citizens rights soo badly that they have to leave the country.
I laughed so long and hard I broke a blood vessel in my eye.
IOKIYAR