Center for Freedom and Prosperity
For Immediate Release
Wednesday, April 5, 2017
Statement from CF&P President on Meadows-Paul Letter Calling for Administrative Action
to Nullify FATCA
(Washington, D.C., Wednesday, April 5, 2017) Upon news that Senator Rand Paul and Congressman Mark Meadows authored a letter to the Trump administration calling for the reversal of Obama-era executive overreach implementing the Foreign Account Tax Compliance Act (FATCA), Center for Freedom and Prosperity President Andrew Quinlan offered the following statement:
“There’s no doubt that FATCA has been a disaster. Its extraterritorial demands on financial institutions not only cost the private sector much more than the limited revenue it collects, but millions of innocent Americans have suffered as a result. FATCA repeal is an essential component of tax reform. In the meantime, the Trump administration should heed the letter’s advice and roll back the unlawful enforcement actions of the Obama administration.
Congressman Meadows and Senator Paul are committed defenders of American taxpayers at home and abroad. We applaud their leadership in the fight to undo the devastation caused by FATCA.”
Both Meadows and Paul introduced legislation to repeal FATCA in the previous Congress and plan to reintroduce them soon. Their letter urges the Trump administration to take one or more of their recommended steps to reverse what they call “the previous administration’s inclination for abusing its Executive Power”.
CF&P has opposed FATCA since day one. It recently co-authored a coalition letter of 23 free-market think-tanks and taxpayer advocacy organizations calling on Congress to include FATCA repeal as a part of tax reform.
The Center for Freedom & Prosperity is a Washington, DC-based think-tank dedicated to the promotion of tax competition, financial privacy, and fiscal sovereignty.
For additional comments:
Andrew Quinlan can be reached at 202-285-0244, email@example.com