ONF: Republicans launch “abolish FATCA” petition site
The Republican Party has recently formally approved a petition to repeal the Foreign Account Tax Compliance Act – the repeal comes just 5 months before the act is set to come into effect.
The main sponsor of the Republic party resolution to repeal FACTA, is Solomon Yue, who is a China born, American citizen and has been a part of the Republic National Committee since 2000. His main concern is the negative impact this law has on American expatriates who have been forced to have to choose between their American citizenship and livelihood.
Rand Paul, who is an RNC senator argued that “FATCA infringes upon basic constitutional rights, in addition to being a poor tool for combating tax evasion”.
The anti FATCA campaign is picking up visibility in US and Canada and there is a live petition site that has been launched by the RNC. It points out the various reasons FACTA is proving to be detrimental to the United States.
The site is live at www.abolishfatca.com and states that FATCA has negatively impacted 7.6 million US citizens living abroad and also negatively impacts the citizens living in the US due to the following:
- FATCA violates the US citizens right to privacy
- Foreign banks are denying services to US citizens due to increased costs
- Foreign financial institutions are avoiding investments in the US
- Americans’ ability to run businesses and trade is being negatively impacted.
- Americans are being forced to give up their citizenship in order to protect themselves against this law.
Now that the repeal motion has been approved, the RNC will be working on spreading the negative effect of FACTA on Americans abroad. They will also be sending the resolution to all the foreign embassies in Washington DC to try and deter them from signing the IGA’s with the US.
Industry sources feel that the actual repeal of FATCA does not seem likely as of now and is being used a tool to garner expatriate Republican votes.
Contributed by the Offshore News Flash network