The regulation will do considerable damage to the U.S. economy and its already fragile banking system
Delray Beach, FL (PRWEB) February 25, 2012
Erika Nolan, publisher of The Sovereign Society, one of the country’s largest independent offshore investment and asset protection publications, has joined the Center of Freedom and Prosperity and 22 other signatories today in sending a letter to Treasury Secretary Timothy Geithner urging withdrawl of a damaging IRS regulation that would drive capital from US markets and inflict further damage on the US economy. The rule (REG-146097-09), proposed in January 2011 despite bipartisan opposition, forces banks to report deposit interest paid to nonresident aliens.
The full text of the letter can be found here: http://freedomandprosperity.org/2012/letters/second-letter-to-secretary-geithner-on-irs-reporting-regulation/
The letter states that, “the regulation will do considerable damage to the U.S. economy and its already fragile banking system,” and notes that the IRS “has failed to conduct a cost-benefit analysis on the rule, presumably because there is no benefit and they are unwilling to address the considerable evidence regarding the regulation’s high costs.”
Former congressman Robert Bauman, JD, Legal Council for The Sovereign Society, discussed the destructive nature of this regulation in the days before its passage. At the time, Bauman noted that, “A 2004 study from the Mercatus Center at George Mason University estimated that a scaled-back version of the rule would drive $88 billion from American financial institutions, and this latest version of the regulation will be far more damaging.”
Nolan, in support of the letter, states that, “Our government continues to expand without thought. Less government regulation would give us the opportunity to get this economy up off its knees.”