Last month, I warned that the Foreign Account Tax Compliance Act, an attempt by the U.S. to impose reporting burdens on other countries' banks, would produce blowback for domestic financial institutions. Credit unions, at least, are worried. The powerful Credit Union National Association has thrown its support behind Senator Rand Paul's bill to repeal the anti-privacy provisions of this heavy-handed law. "We share your concern that FATCA, if left in place, will impose billions of dollars of com...

Following yesterday’s introduction of a bill (S. 887) by Senator Rand Paul (Republican, Kentucky) to repeal burdensome mandates and privacy violations under the “Foreign Account Tax Compliance Act” (FATCA), the powerful Credit Union National Association has declared its support. In a letter dated today, May 8, Bill Cheney, CUNA’s President & CEO, writes to Senator Paul: “On behalf of the Credit Union National Association (CUNA), I am writing to express support for S. 887, which would repea...

In a major game-changer, Senator Rand Paul (Republican of Kentucky) today introduced a bill to repeal mandates of the “Foreign Account Tax Compliance Act” (FATCA) on financial institutions and individual American citizens as a “violation of sovereign nations’ laws and privacy matters.” In a letter to his Senate colleagues, Dr. Paul pulled no punches about the destructive effects of the FATCA law and the unsupportable claims that FATCA is a legitimate tool to combat tax evasion: “I intend...

Guests: 0:00 – Robert Tracinski, returns to talk about Obama’s plan to dip into your retirement, other taxes and capital controls that are eating away at your money, and more. Plus, he and Andrew discuss why skipping college may be a good idea for global thinkers. 22:50 – James Jatras of RepealFATCA.com returns to talk about one of the most arrogant laws ever passed in the Land of the Free. FATCA makes foreign countries and banks unpaid tattletales to the IRS and reduces your economic fr...

Wisconsin Law Review, Vol. 2013, No. 1, p. 205 Abstract: The Foreign Account Tax Compliance Act (FATCA) became law in 2010 and is an important development in combatting income tax evasion. Under FATCA, American individual and corporate taxpayers must provide comprehensive information to the Internal Revenue Service (IRS) regarding foreign bank accounts. In addition, a more controversial part of FATCA requires foreign banks to report directly to the IRS certain information about financial ...