Republicans Latest Repeal: Offshore Banking Regulations


off shore banking

John Boehner has often said in the questioning and criticism of his lack of leadership in the House, What are the Republican standards for judging the lower chamber? And he's proudly boasted that his chamber should not be judged on how many bills it's passed, but rather on how many bills it's repealed.

Try and try as the GOP might, they've tried some 46 or more times to repeal Obamacare. And that's just the tip of the iceberg. They've worked arduously on curtailing the effects of Dodd-Frank and most other financial regulatory issues. These are protections from abuse of the super rich banking institutions on the backs and shoulders of the masses.

So what's the latest on their agenda? Just look at this, as reported by Reuters:

(Reuters) - The Republican Party is expected to approve a resolution this week, calling for repeal of an Obama administration law that is designed to crack down on offshore tax dodging.

In what would be the party's first appeal to scrap the law - the Foreign Account Tax Compliance Act (FATCA) - a panel was slated to vote at the Republican National Committee's (RNC) winter meetings in Washington, likely approving the resolution on Friday, according to party members driving the repeal effort.

What's this mean? The Republicans want to allow rich individuals and wealthy companies to continue to harbor money in off-shore banks without subjecting these monies to federal taxes.

Approved in 2010 after a tax-avoidance scandal involving a Swiss bank, FATCA requires most foreign banksand investment funds to report to the U.S. Internal Revenue Service information about U.S. customers' accounts worth $50,000 or more.

Yup, they want to make the rich richer by allowing them to hide money offshore. What's amazing is that this issue should be of primary concern for the Republicans who are taking a beating in the polls over their income inequality stands. This is just another example of the GOP being out of touch with reality and the public's best interest.

No one is asking the rich to pay unfairly -- we give them all kinds of breaks already -- but to encourage tax evasion seems to be beyond the pale. Just pay your fair share and watch the federal deficit fall -- without giving up food stamp subsidies or long term unemployment benefit funding.

So next time you hear Republicans talking about cutting the deficit, ask them why they're also against everyone paying their fair share? Why they are for tax evasion as opposed to tax compliance.

Hopefully someone will ask Boehner why this issue of promoting and harboring hidden money and not paying taxes on it is in our best interest. It may be in this -- that son of a barkeep is a multi-millionaire. We know it was a key loophole for Romney.  How much more of the burden can be put on the public before we break? Remember, we're their foundation. If we fall, they fall as well.

So Mr. Speaker, get ready to tell us again why repealing laws is more important that upholding them? They were voted on and passed for a reason. Maybe you should start pushing for our laws and regulation to be followed, not scoffed at.