Republican Party wants to repeal law against offshore tax dodgers

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…

True to their dedication to time-wasting, we can expect 47 more attempts to follow another failure to make 19th Century capitalism the state religion.

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…

Repeal seems unlikely, but more political heat from Republicans could further complicate and delay implementation, said financial industry lobbyists…

Defending the law, Treasury Department spokeswoman Erin Donar said in a statement: “FATCA continues to gain momentum and international support as we work with partners around the world to fight offshore tax evasion.”

In the tradition of rightwing politicians in American history, today’s Republicans want armies stationed around the world, highway and rail systems to move industrial products to market, a certain level of education [albeit minimal] and obedient Bob Cratchit-level bureaucrats to run the infrastructure – paid for exclusively by taxes on workingclass families, our ever-diminishing middle class. No taxes on wealthy individuals or corporations.

Perish the thought Republican family values include honesty, responsibility, paying your own way.

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