Rand Paul and Republicans Love Tax Evasion and Offshore Havens

January 27, 2014

On Friday, the Republican National Committee passed a resolution calling for a repeal of the Foreign Account Tax Compliance Act (FATCA), effectively endorsing offshore tax evasion. FATCA was passed in 2010 and requires foreign banks to report deposit information on account holders from the United States, a requirement that U.S. banks must comply with. The purpose of the law is to prevent U.S. citizens from evading taxes by stashing their money in offshore accounts. If the repeal became law, Global Financial Integrity (GFI), a nonpartisan research and advocacy organization, projects that the U.S. budget deficit would balloon by billions of dollars .

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