Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act
PURPOSE:
- To examine the effects of the Foreign Account Tax Compliance Act (FATCA) on the U.S. and international economy, as well as potential legislative remedies.
BACKGROUND:
- Signed into law in 2010, FATCA requires non-U.S. financial institutions to report assets and identities of U.S. citizens with non-U.S. financial accounts to the Internal Revenue Service.
- As a result, many foreign banks have stopped serving U.S. citizens, and record numbers of Americans have renounced their citizenship.
- Senator Rand Paul (R-KY) and five expatriates filed a lawsuit claiming FATCA constitutes an unconstitutional breach of privacy, as well as an illegal treaty
Witnesses and testimonies
| Name | Title | Organization | Panel | Document |
|---|---|---|---|---|
| The Honorable Rand Paul | U.S. Senator | State of Kentucky | ||
| Mr. James Bopp, Jr. | Attorney | The Bopp Law Firm, PC | Document | |
| Mr. Mark Crawford | Director | AKSIONER International Security Brokerage | Document | |
| Mr. Daniel Kuettel | Former U.S. citizen living in Switzerland who renounced his U.S. citizenship due to FATCA | Document | ||
| Ms. Elise Bean | Washington Co-Director | Levin Center at Wayne Law Wayne State University | Document |