It’s Real -Amendment to Budget Resolution Sets Stage for Repeal of FATCA

[Congressional Record Volume 161, Number 50 (Wednesday, March 25, 2015)]
[Senate]
[Pages S1901-S1956]
From the Congressional Record Online |through the Government Printing Office [www.gpo.gov]

TEXT OF AMENDMENTS

SA 621. Mr. WICKER submitted an amendment intended to be proposed by
him to the concurrent resolution S. Con. Res. 11, setting forth the
congressional budget for the United States Government for fiscal year
2016 and setting forth the appropriate budgetary levels for fiscal
years 2017 through 2025; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. DEFICIT-NEUTRAL RESERVE FUND TO REPEAL THE FOREIGN
ACCOUNT TAX COMPLIANCE ACT.

The Chairman of the Committee on the Budget of the Senate
may revise the allocations of a committee or committees,
aggregates, and other appropriate levels in this resolution
for one or more bills, joint resolutions, amendments,
amendments between the Houses, motions, or conference reports
relating to fairness of United States taxpayers, which may
include the repeal of the provisions commonly known as the
Foreign Account Tax Compliance Act, by the amounts provided
in such legislation for that purpose, provided that such
legislation would not increase the deficit over either the
period of the total of fiscal years 2016 through 2020 or the
period of the total of fiscal years 2016 through 2025.

Hat Tip to Tim

5 thoughts on “It’s Real -Amendment to Budget Resolution Sets Stage for Repeal of FATCA

  1. Lynne Swanson

    I hate to be the one to dash everyone’s hopes, but according to an e-mail from Brian Garst at Centre for Prosperity and Freedom, it appears this suggested amendment did not even make it to a vote.

    Reply
  2. Lynne Swanson

    It’s not repeal of FATCA but dare we dream this is the first step?

    As James Jatras said in an e-mail, the compliance industry is probably “freaking ” right now and trundling their lobbyists to the Hill to to block this thing. Arrayed against them to lobby for its passage: zippo, zilch, zero, nada.”

    Anyone who has any contact with US Senators needs to make their voices known fast and loud. I hope some of the American Bankers groups are on it.

    Then, there is Jubilee Network which insists FATCA is about fighting corruption which they claim is “a root cause of global poverty.” Yeah right. Local bank accounts in Canada, Britain, Japan, France, India, New Zealand, Sweden, China, Russia and Brazil to deposit employment income, pay mortgages and bills, save for retirement and children’s education are corrupt and a cause of global poverty. Where do people get these ideas?!?

    Jubilee says Urge Your Senators to Vote Against Repealing FATCA.

    How offensive is that bag of $ under the palm tree. All I see when I look out my window is
    a grey cloudy day with snow and slush.

    Corruption is coming from those foisting FATCA on us!

    Reply
    1. nobledreamer-Tricia Post author

      I think we can! Not a direct step but another little wedge in the door.

      I must say I am relishing the comments about those who are lining their pockets big time are likely nervously trudging up the steps trying to stop this! That speaks to the fact that this is indeed, important….

      Let’s keep our fingers crossed and hope sunny days are on the way!

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