The Republican Party is expected to approve a resolution this week, calling for repeal of an Obama administration law that is designed to crack down on offshore tax dodging. In what would be the party's first appeal to scrap the law - the Foreign Account Tax Compliance Act (FATCA) - a panel was slated to vote at the Republican National Committee's (RNC) winter meetings in Washington, likely approving the resolution on Friday, according to party members driving the repeal effort. If adopted, the anti-FATCA resolution would reflect the party's political priorities for the time being but would not change its presidential campaign platform, according to the RNC. Approved in 2010 after a tax-avoidance scandal involving a Swiss bank, FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more. Criticized by banks, libertarians and some Americans living abroad as a costly and
↧