The Center for Freedom and Prosperity Foundation, joined by 14 of the country’s most influential free market and taxpayer advocacy organizations, urged Treasury Secretary Timothy Geithner to immediately withdrawal an Internal Revenue Service (IRS) regulation “that would undermine American banks and the U.S. financial system.”

A new video released today by the Center for Freedom and Prosperity Foundation (CF&P) exposes a dangerous IRS proposal that would have disturbing ramifications for the US economy. Entitled, “The IRS Running Amok: Bureaucrats Want to Force Americans Banks to Put Foreign Tax Law Above U.S. Tax Law,” the video details how this rogue regulation would drive foreign capital from U.S. markets, harm American financial institutions, and endanger human rights.

Even though it violates existing law, the IRS is seeking to impose a regulation that will discourage foreign investment in the U.S. economy and undermine the competitiveness of American banks. This CF&P Foundation video provides five reasons why this proposal is misguided, including the risk to innocent people living under corrupt and tyrannical governments.

I’m not a big fan of the IRS, but usually I blame politicians for America’s corrupt, unfair, and punitive tax system. Sometimes, though, the tax bureaucrats run amok and earn their reputation as America’s most despised bureaucracy. Here’s an example. Earlier this year, the Internal Revenue Service proposed a regulation that would force American banks […]

We are writing to express our deep concern with an onerous regulation (REG-146097-09), proposed by the Internal Revenue Service, that would undermine American banks and the U.S. financial system by requiring the reporting of deposit interest paid to nonresident aliens.

Regular readers know that I’m a big fan of tax competition because politicians are less likely to misbehave if the potential victims of plunder have the ability to escape across borders. Here is an excerpt from a superb article by Allister Heath, one of the U.K.’s best writers on economic and business issues. In a […]

Greetings from Montreux, Switzerland, on the shores of Lake Geneva. There aren’t many places where palm trees are framed by snow-capped mountains. Heck, even I managed to take a decent photo. But let’s shift back to the world of public policy. Every time I’m in Switzerland, my admiration for the country increases. Here are five […]

Here’s a new mini-documentary from the Center for Freedom and Prosperity, narrated by Natasha Montague of Americans for Tax Reform, that explains why the process of tax competition is a critical constraint on the propensity of governments to over-tax and over-spend. The issue is very simple. When labor and capital have the ability to escape […]

For the more than a decade the Internal Revenue Service has been chasing after potential U.S. tax evaders by forcing foreign jurisdictions and banks to become deputy tax collectors. From the Know-Your-Customer regulations to the Qualified Intermediary regime, non-U.S. banks have mostly complied with the IRS’s bullying. But as the excerpted article below discusses, U.S. […]

I’m not a big fan of the Internal Revenue Service, but I try not to demonize the bureaucrats because politicians actually deserve most of the blame for America’s complex, unfair, and corrupt tax system. The IRS generally is in the unenviable position of simply trying to enforce very bad laws. But sometimes the IRS runs […]