The Miami Herald had this story in the Sunday paper. (Hat tip to Roger Conklin)
Under new IRS disclosure regulations, details about U.S. bank accounts held by foreign nonresident depositors could be shared with their home governments. As a result, bankers say hundreds of millions of dollars have left Florida since April.
What is interesting to me about this story is this: While they talk about the global crackdown on tax evasion, and reference the history of UBS, and the IRS voluntary disclosure program, there is no mention of FATCA anywhere. Not sure if that is intentional, or if the journalist doesn’t understand the connection between FATCA, and this domestic effort which I call DATCA (my shorthand).
As Christophe pointed out here, Congress recently voted to delay this IRS regulation. So, the battle is becoming more public, and wonder how long this will remain non political in this silly season.
For the likes of Debbie Wasserman Schultz , Chair of the Democratic National Committees, she is now in a tough place. She voted for FATCA, and then voted to delay DATCA, the IRS reciprocity fall out of her first vote. Ah, sweet irony! 🙂
I continue to record the history of this developing story here