FOR IMMEDIATE RELEASE:
November 30, 2017
Contact: Press@paul.senate.gov, 202-224-4343
WASHINGTON, D.C. – Continuing his efforts to protect the privacy of Americans’ financial records, U.S. Senator Rand Paul (R-KY) has introduced an amendment to H.R. 1, the Tax Cuts and Jobs Act, to repeal the Foreign Account Tax Compliance Act (FATCA).
“As we work to reduce the massive tax burden Washington has placed on the American people, we should also stand up for their Fourth Amendment right to privacy by rejecting the bulk collection of the financial information of Americans who live overseas,” said Dr. Paul.
Enacted by Congress in 2010, FATCA mandates that foreign financial institutions regularly report private financial information on American citizens living abroad under threat of a 30% withholding tax on U.S.-source income. The law has impeded international financial transactions and investment by leading many foreign banks to simply deny services to Americans rather than navigate the burdens and costs of compliance.
In April, Dr. Paul introduced standalone legislation (S. 869) to repeal FATCA.