“A Destructive IRS Mandate”
ALEC Alumni Senator Rubio and Representative Posey write in the Miami Herald: The U.S. Treasury is proposing an IRS mandate that will require U.S. deposit institutions such as banks and credit unions to report interest earned by non-resident foreign nationals. If implemented, this rule will overturn 90 years of policy and have a chilling effect on current and future deposits made by foreign nationals in U.S. financial institutions.
“As the economy struggles, Congress and the administration should take steps to increase economic growth and encourage investment in our economy. It can start by withdrawing its proposed rule related to foreign deposits in our economy, which will cause our economy to hemorrhage billions of dollars with literally no benefit to American taxpayers or our distressed economy.”
Sen. Marco Rubio of Miami was elected to the U.S. Senate in 2010. U.S. Rep. Bill Posey of Rockledge represents the 15th District of Florida. Both are Republicans. Click here to view article.