On May 5, Treasury Secretary Jacob J. Lew wrote to U.S. House Speaker Paul D. Ryan regarding effective tools for countering tax evasion.
Mentioned in this letter is the Foreign Account Tax Compliance Act, or FATCA, which was enacted in 2010 as a critical tool for combating tax evasion. FATCA provides the U.S. government with previously unprecedented information regarding U.S. taxpayers’ financial accounts abroad.
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