Not That Lisa brings to our attention: Foreign Account Tax Compliance Act Hurts Law-Abiding Americans Living Abroad
NTL, thats an important article from Heritage and it should garner publicity. Can we link to it on a side bar?
Not That Lisa says:
Yes, it is important because the Heritage Foundation is a major, well respected, conservative think tank. I hope Solomon Yue at Republicans Abroad is aware of this article. It might help to booster his platform within the party.
Anthony B. Kim is a Senior Policy Analyst for Economic Freedom in the Center for Trade and Economics, of the Institute for Economic Freedom and Opportunity, at The Heritage Foundation. Curtis S. Dubay is Research Fellow in Tax and Economic Policy in the Thomas A. Roe Institute for Economic Policy Studies of the Institute for Economic Freedom and Opportunity.
They start by saying:
On July 1, the Foreign Account Tax Compliance Act (FATCA) will fully take effect. FATCA is supposed to reduce tax evasion by making it harder for tax cheats to abuse tax havens. In practice, however, FATCA is forcing law-abiding American taxpayers residing overseas to bear enormous financial and legal burdens.
Congress should reform FATCA so that it does not hurt innocent Americans residing and working overseas. More important, Congress should turn its full attention to broader tax reform that would help curtail tax evasion in a more effective way without resorting to onerous and intrusive regulations such as FATCA.