The Campaign to Repeal FATCA, America’s toxic global tax law, has now gone into full gear.
A delegation of the Washington DC-based campaign, launched and co-led by Nigel Green, founder and CEO of deVere Group, one of the world’s largest independent financial advisory organizations, spent last week in the U.S. capital garnering support.
The delegation consisted of deVere Group’s Head of Public Relations, George Prior, who was representing Campaign Leader Nigel Green; former U.S. diplomat Jim Jatras of Global Strategic Communications Group and Co-Leader of the Campaign; Brian Garst of the Center for Freedom and Prosperity; and Keith Redmond, an independent advocate for Americans overseas.
They took part in presentations on FATCA to two influential assemblies of tax activist groups that are active in shaping the tax package that will be passed by the Congress this year.
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In addition, the delegation also visited several congressional offices including those of Senator Roger Wicker (R-MS), co-sponsor of Senate repeal bill in previous Congress; Senator Rand Paul (R-KY), sponsor of Senate repeal bill in previous Congress; Congressman Mark Meadows (R-NC), sponsor of House repeal bill in previous Congress; and Congressman Thomas Massie (R-KY), co-sponsor of House repeal bill in previous Congress.
There was also a meeting with the Senate Budget Committee, which the Campaign says is “important for scoring FATCA repeal.”
Nigel Green comments: “The fight is now well and truly on to repeal this toxic, imperialistic and fatally flawed tax law.
“FATCA has wrecked havoc on the global financial system, turned 8m Americans overseas into financial pariahs, violates other countries’ sovereignty, and is damaging for American jobs and therefore the American and global economies.”
He continues: “The results of last week’s campaign include that a letter signed by numerous tax reform groups, spearheaded by the influential Americans for Tax Reform, will be sent to key Congressional leadership urging inclusion of FATCA repeal in the tax package. Timing of the tax package is dependent on pending action on Obamacare.
“FATCA repeal legislation will now definitely be introduced in the current Congress, in both the House and the Senate, in the next few weeks; this will serve as a focus for gathering support.
“Help was offered to the delegation in securing early action by the Trump Administration to nullify the intergovernmental agreements that are essential to FATCA.
“All points of contact were knowledgeable and in agreement with the delegation’s objective and all offered to help on both Congressional action and with the Administration. This will include rounding up co-sponsors, contact with key committees – notably House Ways and Means – and securing support from the Administration.
“Other available levers include Senate consideration of tax treaties currently on hold, to render them unusable as vehicles for FATCA or the IGAs; budget scoring to provide for FATCA repeal – an amount insignificant enough to get ‘lost in the foam’ of a $4 trillion budget – and letters from Congressional supporters to the Administration.”
Mr Green concludes: “I am extremely pleased with the amount of high level and high profile support for the Campaign to Repeal FATCA. But the real work starts now to have this law, which casts a stain on the U.S. at home and abroad, finally resigned to the history books.”