What is FATCA, What are its Impacts & How we aim to Reform FATCA

Democrats Abroad Position on FATCA

  • Democrats Abroad supports strong policy that discourages and apprehends tax cheats.

  • Congress passed FATCA to bring an end to illegal tax avoidance by Americans in the US who use overseas financial accounts to secret untaxed earnings out of the country.

  • But Congress did not fully anticipate the impact the regulations would have on overseas Americans and we, therefore, are now burdened with a tax reporting obligation that treats us like suspected tax cheats and money launderers.

  • Fortunately for overseas Americans, we can address the unintended adverse consequences of this important piece of anti-tax evasion legislation by reforming the regulations that implement it.

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