IRS Regulation may Weaken American Financial System

The Center for Freedom and Prosperity recently took lead on a strong coalition of groups in a letter to all U.S. Senators that would encourage them to veto an IRS Regulation that would ultimately weaken the American Financial System. The Sovereign Society, one of the nation’s largest offshore investment and asset protection publications officially joined the groups in signing the letter, as they believed the regulation would discourage foreign capital from investing in our nation’s economy and ultimately weaken the American financial system. Tax experts believe the U.S. could lose $88 billion in foreign investment.

The regulation would force United States banks to report all deposit interest paid to nonresident aliens. The letter in opposition to the rule encourages Senators to stand behind S.J Res. 46, which was introduced by Senator Marcus Rubio. It proclaims congressional disapproval of the regulation as well as a discharge petition to bring the resolution to a Senate floor vote.

Others involved in the signing of the letter include Andrew F. Quinlan, President, Center for Freedom and Prosperity, Grover Norquist, President, Americans for Tax Reform and Pete Sepp, Executive Vice President, National Taxpayers Union. Erika Nolan, publisher of the Sovereign Society signed on behalf of the organization.

If your own business may suffer from regulations such as these, contact a knowledgeable IRS tax attorney to address the issue in your favor.

 

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