News
Politico | Lawmakers turn to stealth tax measures
They want to give the IRS more power to investigate you. And enlist private debt collectors to help track down your old debts. If you’re a doctor, they want to seize your Medicare payments. They’d also like a bit more information about the mortgage interest tax deduction you’re claiming.
Econ Comments & Analysis
Real Clear Markets | The IRS Has Unleashed a Massive New Regulation
As Americans prepare to celebrate Independence Day, the Internal Revenue Service has unleashed a massive new regulation under the guise of reducing tax evasion. The Foreign Account Tax Compliance Act - FATCA - took effect July 1, imposing substantial new compliance requirements and paperwork burdens on foreign financial institutions, which must now track the financial activity of U.S. citizens and report that information to the IRS.
