As a House companion bill to Senator Carl Levin’s S. 268: CUT Loopholes Act , this HR 1554 Stop Tax Haven Abuse Act by Rep. Lloyd Doggett [D-TX35] contains more FATCA complexity before the ink is dry on the current fiasco. Do a find on FATCA in the text, and it comes up 22 times starting with Sec. 102. Strengthening the Foreign Account Tax Compliance Act (FATCA)
So, they want to “strengthen” something that is not yet in full forces, as if 544 pages of regulations and then all the FATCA IGAs by Treasury isn’t enough! We need MORE! Continue reading
