In the depths of recession in 2010, a jobs-obsessed Congress passed the Hiring Incentives to Restore Employment Act. Bolted on to it was the arcane-sounding Foreign Account Tax Compliance Act. There was scant debate about fatca, as it is more commonly known, because it was touted as a way to bring in money by curbing offshore tax evasion. In tough times, such "revenue-generators" are no-brainers.
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