The Republican National Committee plans to hold a vote Friday on a resolution calling for the repeal of the Foreign Account Tax Compliance Act.
FATCA, which was included as part of the HIRE Act of 2010 in an effort to curb offshore tax evasion, has provoked controversy both in the U.S. and abroad. It requires foreign financial institutions to report on the holdings of U.S. citizens to the Internal Revenue Service or else face stiff penalties. Last year, Senator Rand Paul, R-Ken., introduced a bill to repeal some of the key provisions of FATCA that he said would undermine the privacy of U.S. citizens (see Rand Paul Introduces Bill to Repeal Parts of FATCA). In the House, another Republican lawmaker, Rep. Bill Posey, R-Fla., called for a moratorium on FATCA enforcement in a letter to Treasury Secretary Jack Lew (see Congressman Calls for FATCA Moratorium).
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