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Investor's Business Daily - Limiting Foreign Access To Your Bank Accounts


Location: Unknown

By Sen. Rand Paul

Congress has never authorized the Treasury Department to make such all-encompassing commitments on behalf of the United States, under Fatca or any other law.

It is an abdication of duty for Congress to stand by idly while the Treasury Department unilaterally rewrites our tax treaty obligations and compromises the private data of millions of law-abiding Americans.

This is why I have for many months objected to the passage of the U.S.-Switzerland tax treaty: the U.S. Senate is not the Treasury Department's rubber stamp.

By introducing this bill to repeal part of Fatca, I am not championing "offshore tax evasion" by rich American "fat cats." Nor do I oppose legitimate tax enforcement.

What I oppose is a law that is claimed to fight tax evasion but does not do so. I oppose a law that runs roughshod over constitutional standards, not to mention common sense.

There are reasonable -- and constitutional -- ways to combat tax evasion. But Fatca is neither reasonable nor constitutional, nor is it workable in any meaningful sense.

My bill seeks to restore the privacy protections that have been put in jeopardy by the Treasury Department's unconstitutional actions, and to limit the impact of Fatca's most harmful provisions.

Ultimately, my bill seeks to restore and protect the privacy protections that are a birthright to every American.

In my opinion, that is the very least that the Congress should be able to do.

* Paul, the junior senator from Kentucky, sits on the Senate's Committee on Foreign Relations.

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