We have a case of dueling editorials in the Miami Herald between Senator Rubio and Rep Posey on one hand, (March 7) and a response on March 15 by Emily McMahon, acting assistant secretary for tax policy, Treasury Department, Washington, DC. I have posted the links in other threads, but wanted to give this duel a little more visibility, as it really represents FATCA vs DATCA battle. Although you won’t see that direct connection in the editorials of either authors. But the EU 5 country FATCA agreement for tax data exchange reciprocity rests on the IRS being able to impose DATCA on US banks. The only place that is pointed out, is in the comments section which I encourage you to read and add your own comments.
Offshore depositors won’t be hurt by Emily McMahon
A destructive IRS mandate by Senator Rubio and Rep Posey