Rep. Mark Meadows (R-N.C.) and Sen. Rand Paul (R-Ky.) offered legislation Thursday to repeal an Obama-era offshore tax law.
The bill would do away with provisions of the Foreign Account Tax Compliance Act (FATCA), which requires foreign financial institutions to report information about accounts held by U.S. citizens to the IRS.
FATCA was designed to fight offshore tax evasion. But Meadows and Paul said that the law violates citizens’ privacy rights. A release from Meadows’s office also claims the law has led to people giving up their U.S. citizenship in record numbers.