A Subcommittee of the House Financial Services Committee will hold a hearing Thursday on a proposed IRS regulation to require reporting of nonresident alien deposit interest information. Such interest is not taxed under US law, and requiring its reporting would drive away much needed foreign capital, while providing zero benefit to the US economy or American taxpayers.

Why impose a regulatory burden on a weakened banking sector when it has nothing to do with enforcing American tax law?

The Center for Freedom and Prosperity (CF&P) is praising three U.S. Senators for their leadership in introducing legislation that would prevent the IRS from implementing an unnecessary and destructive regulation.

Senator Rubio continues to impress with his Reagan-like efforts to restrain government and promote growth. His latest initiative is legislation to curtail rogue IRS bureaucrats who are seeking to use regulatory edicts to overturn 90 years of law. Here are excerpts from a report in The Hill. Sen. Marco Rubio (R-Fla.) and other Senate Republicans […]

Richard Rahn writes in the Washington Times today on a pair of regulations which he describes as “national economic suicide.” At issue is the IRS’s proposed regulation that would require U.S. banks to report information on foreign account holders, even though they are not taxed in the U.S., as well as the Foreign Account Tax […]

Led by the Center for Freedom and Prosperity, members of the Coalition for Tax Competition (CTC) testified Wednesday, May 18, 2011, as part of a 10-year ongoing battle against a proposed IRS regulation to collect additional and unnecessary information from nonresident aliens who invest in the United States.

Almost ten years after first testifying against a proposal by the IRS to collect unnecessary information from foreign deposit holders, which would then be turned over to foreign governments, I once again represented CF&P and the Coalition for Tax Competition in opposing an effort to put foreign tax collectors above U.S. economic interests. Testifying with […]

President Obama’s Treasury Department has proposed a new Internal Revenue Service regulation (REG-146097-09) that would overturn existing law and force American banks to report the interest paid to all nonresident aliens. This ill-considered rule is a retread of a Clinton-era proposal that was shelved without implementation. But if implemented today, it could drive hundreds of billions of dollars out of the U.S. economy and harm America’s already shaky financial system. The Center for Freedom and Prosperity once again plans to be a leader in the effort to derail or kill this misguided regulation.