Florida Congressmen Oppose IRS Plan

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The IRS intends to compel American banks to disclose details of accounts held by foreigners. This has prompted all 27 Floridian members of Congress from both sides of the political divide to unanimously oppose the proposed move. They say such a regulation may result in massive capital flight from the state. Almost $1 out of every $4 in Florida banks belongs to foreigners. In total, this amounts to a substantial $100 billion that may be pulled out of US banks in Florida if the IRS regulation comes into effect.

Florida Bankers Association President Alex Sanchez estimated Florida banks hold $60billion to $100billion in foreign deposits, out of total deposits of about $412billion.

In a letter signed by all 25 Florida members of the House, “It [the IRS rule] will put Americans out of work and it will force dollars out of US financial institutions and into foreign financial institutions.” One of the most vocal opponents of the proposed IRS move is US Rep Bill Posey. He and other opponents see no benefit in the move and want the status quo to be maintained. At present, foreigners are allowed to deposit money into US banks without declaring their identities or paying taxes on interest.

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Published In: Elections & Politics Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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