USA REPUBLICAN NATIONAL COMMITTEE APPROVED RESOLUTION CALLING REPEAL OF TAX LAW THAT CRITICS CONTEND IS CONTRIBUTING TO INCREASE OF AMERICANS LIVING ABROAD RENOUNCING THEIR CITIZENSHIP AS US CITIZEN LIVING ABROAD HOLDING MORE THAN $ 50000 IN BANK TO REPORT TO IRS 27TH JANUARY 2014 The Republican National Committee Friday approved a resolution calling for the repeal of a tax law that critics contend is contributing to an increase of Americans living abroad renouncing their citizenship. At its annual meeting in Washington, RNC members backed a resolution to repeal the Federal Account Tax Compliance Act, or FATCA. The 2010 law which goes into effect in July requires foreign international financial institutions to provide the Internal Revenue Service with information on U.S. citizens living abroad who hold more than $50,000 in their accounts at the end of the year. Congress passed the law in an effort to crack down on Americans who evade paying taxes by hiding financial assets overseas. But the law has been sharply criticized by banks, libertarian groups, and Americans living in Canada and overseas who say its made it very difficult for them to open bank accounts, obtain loans or conduct other financial transactions because several foreign financial institutions wont take them on as clients because they dont want to have to deal with the IRS. Some U.S. ex-patriot groups say the law is partially responsible for the increase in the number of Americans renouncing their citizenship. That number has grown from 742 in 2009 to more than 1,854 last year, according to State Department figures.
Posted on: Sun, 02 Feb 2014 05:26:23 +0000
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