Mark Meadows + Rand Paul Introduce FACTA Repeal Legislation

Mark Meadows in the House and Paul Rand in the Senate have introduced legislation to repeal FATCA.  The summary of the House bill is as follows:

This bill amends the Internal Revenue Code, with respect to tax administration requirements for foreign-source income and assets, to repeal: (1) withholding requirements for payments to foreign financial institutions and other foreign entities, (2) information reporting for foreign financial assets, (3) penalties for underpayments of tax attributable to undisclosed foreign financial assets, (4) reporting requirements for shareholders of a passive foreign investment company and U.S. owners of foreign trusts,

See full text, summary etc. at: H.R.2054 – 115th Congress (2017-2018): To repeal the violation of sovereign nations’ laws and privacy matters. | | Library of Congress

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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