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What is FATCA Repeal Urged in Tax Reform about?
A coalition of 23 free-market and taxpayer protection organizations sent a letter to Congressional leadership urging the repeal of the Foreign Account Tax Compliance Act (FATCA) as part of tax reform. FATCA requires foreign financial institutions to report private financial information of US persons to the IRS without warrants. It has harmed innocent Americans abroad and small businesses. While intended to catch tax evaders, FATCA costs outweigh revenue and has inspired harmful foreign initiatives.
- Author
- Jon Decker
- Language
- EN