Senator Ted Cruz on repealing #FATCA

My fellow Republicans,

Senator Cruz just released the following position in favor of repealing FATCA:

FATCA (Foreign Account Tax Compliance Act)

“The Foreign Account Tax Compliance Act (FATCA) has burdened the millions of Americans living overseas and their businesses by restricting access to banks, insurance, and financial services. FATCA should be repealed. There are better ways to ensure tax compliance that do not involve threatening the livelihoods of our fellow citizens living abroad. The good news is that my plan to replace the tax code with a simple, single-rate 10 percent tax will make tax compliance dramatically easier, abolishing the IRS as we know it, and thereby reducing evasion.”

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3 Responses to Senator Ted Cruz on repealing #FATCA

  1. anonymous says:

    A 10% flat tax means that all expats would be double taxed at 10% for USA, whilst still paying foreign taxes. Sen Cruz proposal is going to make trouble for himself.

  2. ellis Y says:

    US economy will BOOM ! If Fatca is destroyed. Without Fatca, money and investments will start to flow to USA again.

  3. Steve Carroll says:

    If he ends the taxes on foreign profits abroad got corporations why not explicitly eliminate it for foreign salaries/ capital gains earned abroad too.

    If the 10% rule still permits deduction of foreign taxes paid it just remains an admin problem not so much a financial burden.

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