FATCA letter to US Treasury
Published: 02 May 2017
Representative Mark Meadows and Senator Rand Paul have written (here) to Treasury Secretary Steven Mnuchin and White House Office of Management and Budget Director Mick Mulvaney urging President Trump to take action to “mitigate the ongoing damage” caused by the Foreign Account Tax Compliance Act (FATCA) and quickly repeal the law.
They argue that the FATCA framework has “failed in its purpose to recover tax revenues hidden offshore” and that the intergovernmental agreements (IGAs) entered into in order to administer its provisions internationally are an abuse of executive power on the part of the previous administration and infringe privacy rights.
The call for action has been followed by the introduction of legislation in both houses of Congress (here).