Sovereign Society Again Joins Coalition for Tax Competition In Opposing IRS Interest-Reporting Regulation

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The Sovereign Society again joined a coalition of groups in opposing IRS Interest-Reporting regulation that would discourage foreign capital from investing in the U.S. economy, and ultimately weaken the American financial system.

At a time when we should be looking for ways to encourage job creation, unelected IRS bureaucrats cannot be allowed to drive out of the country the investment needed to create jobs.

Erika Nolan, publisher of The Sovereign Society, one of the country’s largest independent offshore investment and asset protection publications, today joined in signing a letter sent to all U.S. senators drafted under the leadership of the Center for Freedom and Prosperity Foundation encouraging them to veto an Internal Revenue Service (IRS) regulation that would discourage foreign capital from investing in the U.S. economy and weaken the American financial system.

The rule (REG-146097-09), proposed in 2011, would force U.S. banks to report deposit interest paid to nonresident aliens. Earlier this year on behalf of the Sovereign Society, she joined with 23 other groups in opposing the IRS rule in a letter to U.S. Treasury Secretary Timothy Geithner.

The joint letter urges senators to support S.J. Res. 46, introduced by Senator Marco Rubio (R-FL) that expresses congressional disapproval of the regulation and a discharge petition to bring the resolution to a Senate floor vote.

Among those joining Ms. Nolan are Andrew F. Quinlan, President, Center for Freedom and Prosperity, Grover Norquist, President, Americans for Tax Reform and Pete Sepp, Executive Vice President, National Taxpayers Union.

Ms. Nolan pointed to a study by the Mercatus Center on an earlier, limited version of the IRS rule that estimated the U.S. could lose $88 billion in foreign investment.

She said: “The Sovereign Society, as a leading advocate of offshore investments for Americans, also supports the right of foreign investment in America. At a time when we should be looking for ways to encourage job creation, unelected IRS bureaucrats cannot be allowed to drive out of the country the investment needed to create jobs. That is why we are asking the Senate to reaffirm established policy and protect the U.S. economy from this totally misguided rule.”

She also urged citizens to contact their U.S. senators and ask them to support Senator Rubio’s S.J. Res. 46 and the discharge petition on the resolution.

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Joel Haddock
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