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republicans are not surprisingly helping the super-rich by trying to repeal an
anti-tax dodging law
this would be the party's first attempt
to get rid of the foreign account Tax Compliance
act called back to which is designed to
mandate the reporting love external assets about fifty thousand dollars in
foreign banks to the United States
it was approved back in 2010 after a tax avoidance scandal that involved the
Swiss bank
and it basically says that foreign banks and investment funds have to tell the
IRS
if americans have over fifty thousand dollars in those accounts now
some libertarians including Rand Paul have criticized it on the privacy front
of course there are many pro-business Republicans to
just don't want it because they want to shield those assets from having to pay
taxes on them here in the US
it's not totally clear that
this repeal after is going to work but the fact that there is now so much
energy and time being put into repealing it
is yet more evidence that both
political parties but particularly the Republican Party
are really just playing to the desires a very very rich
Americans not representative up the majority of voters
right and certainly some Democrats as well when we talk about what they allow
major corporations to get away with but it seems that the money
always wins I'm shocked that this was even established in the first place
I'm so I I can't say I'm surprised now that
many people are trying to dismantle it and this has real economic impact
because about $250 billion dollars in tax revenue
is lost by governments worldwide to do to offshore accounts each year
according to one tax reform a
well organization and the other issue that we're thinking about as well and we
have to kind of see the other side a bit
is that there is a neoconservative element a factor which is
is in its somewhat imperialistic up the United States to force
foreign banks to send information to the IRS certainly
it seems like most foreign banks don't have a particular problem with it
although there are
countries with very strict bank privacy like Switzerland and Liechtenstein
don't really like it but still some say and I don't completely disagree
that it is a bit over US in imperialist move to tell other countries what they
have to do
with deposit in their country right but it's our own fault for
for you know allowing that type of thing to be incredibly or not profitable but
Tom I don't know just better
for people who have the money I mean a week I need a doctor in great fear
in a sense we did in a sense we did