(Richard Rossington, Lawyer Monthly) – The Campaign to Repeal FATC, led by deVere Group CEO, Nigel Green, and the Center for Freedom and Prosperity led a coalition of 22 other groups, including Americans for Tax Reform and the National Taxpayers Union, calling on Congress to include repeal of the Foreign Account Tax Compliance Act (FATCA) in any tax reform package sent to the White House.
The March 21st letter, addressed to Speaker of the House Paul Ryan, US Senate Majority Leader Mitch McConnell, Ways and Means Committee Chairman Kevin Brady, and Senate Finance Committee Chairman Orrin Hatch, makes five key points:
- FATCA fails in its primary goal to catch wealthy tax cheats;
- It ensnares innocent Americans with excessive reporting requirements and draconian penalties for the slightest oversights;
- FATCA makes U.S. citizens living and working abroad toxic assets in the eyes of both financial institutions and employers;
- The onerous law’s compliance costs far outstrip the revenue it collects; and
- It encourages other nations and international organizations to pursue aggressive tax grabs that threaten American businesses and the global economy.
Other coalition members that signed the letter are: American Commitment; Taxpayers Protection Alliance; Competitive Enterprise Institute; Frontiers of Freedom; R Street Institute; 60 Plus Association; The Market Institute; FreedomWorks; Center for Individual Freedom; Sovereign Society Freedom Alliance; Institute for Liberty; Institute for Policy Innovation; The National Tax Limitation Committee; Americans for Limited Government; Citizen Outreach; National Center for Policy Analysis; Campaign for Liberty; Jeffersonian Project; and Small Business and Entrepreneurship Council.