FATCA and Senate Bill S66

On March 4, 2015, Senator Rand Paul (R) Kentucky, introduced Senate Bill S66, a bill that amends the Internal Revenue Code with respect to withholding requirements for payments to foreign financial institutions, reporting for foreign financial assets, penalties for undisclosed foreign financial assets, and excessive penalties for failure to file.

There are over 7 million working and living overseas, they have an obligation to not only pay taxes in their respective countries where they live; they need to pay the piper in homeland America as well, via the requirements under the Foreign Account Tax Compliance Act (FATCA).

I’m sure there are folks who think they shouldn’t have to pay taxes, I mean who wants to? Not me! However, it is what it is and how is it fair for those who have to pay taxes and for those who purposely avoid them. That’s not fair.

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