Republicans Want to Save the Tax Havens!
Republicans want to protect tax havens for billionaires. They don't want the Foreign Account Tax Compliance Act to go into effect later this year. The FATCA is an agreement with banking officials in Switzerland, the U.S., and the Cayman Islands aimed at fighting international tax evasion. While the vast majority of Americans support making it more difficult for billionaires to stash money overseas, the Republican National Committee actually wants to “complicate or delay implementation” of the FATCA.
In a recent interview with Reuters, RNC member Solomon Yue said he is proposing a repeal of the FATCA as a new plank for the 2014 Republican Party Platform – and it clearly shows who that party really represents: billionaires. These overseas tax havens cost our nation about $300 billion dollars every year – enough to cover the cost of the entire food stamps budget, long-term unemployment insurance, reversing all of the sequester cuts to date, and still have about $100 billion dollars left over.
Republicans think that pleasing the billionaires who fund their campaigns is way more important than making sure that Americans aren't going hungry or ending up on the street. Their blatant efforts to protect tax havens should eliminate any doubt that Americans had about who the Republicans really work for. Now it's time to elect lawmakers who work for the rest of us.