Washington, D.C., Thursday, March 5, 2015) The Center for Freedom and Prosperity (CF&P) commends Senator Rand Paul (R-KY) for again standing up for millions of taxpayers by reintroducing yesterday his legislation (S.663) to repeal the most destructive and privacy violating provisions of the Foreign Account Tax Compliance Act (FATCA).
CF&P President Andrew Quinlan commented on the news, “FATCA has been just one disaster after another. Congress passed a rash law without first properly weighing the costs and benefits, and now millions of innocent Americans are suffering the consequences. Thankfully, Senator Paul recognizes that it’s not too late to correct this egregious error.”
Included as a throw-in to the 2010 Hiring Incentives to Restore Employment Act, FATCA has overwhelmed the global financial community with burdens completely out of proportion with the law’s predicted revenue returns. FATCA treats all Americans living, working or investing overseas as criminally suspect.
Senator Paul’s legislation was first introduced in 2013 during the 113th Congress. Led by CF&P, a coalition of 22 free market and taxpayer protection groups at that time urged support for FATCA repeal. Signatories included Americans for Tax Reform, the National Taxpayers Union, FreedomWorks, the Competitive Enterprise Institute, Americans for Prosperity, and the Taxpayers Protection Alliance, among others.
Coalition letter: https://freedomandprosperity.org/2013/letters/ctc-letter-on-sponsoring-fatca-repeal/
For more information on FATCA visit https://freedomandprosperity.org/issues/foreign-account-tax-compliance-act/
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