Will Trump end the FATCA

[Penelope]

IRS Commissioner Koskinen's Take on FATCA Repeal

In addition, during the 2016 election season, the official GOP platform called for the repeal of the Foreign Account Tax Compliance Act (FATCA), one of the tools the IRS uses to find non-compliant taxpayers and enforce disclosure of foreign assets. Tax Analysts asked Koskinen how the OVDP and streamlined filing compliance would be affected if the GOP gets its way:

Koskinen: Well, FATCA by itself is a more regular way of collecting data from companies. If you repealed it, we're still involved in increasingly international exchange of information developments. We're going into country-by-country reporting for corporations next year. So we will continue, with or without FATCA, investigating banks and operations around the world, but I think FATCA has again become valuable for people, and I'd be surprised if it got repealed at this stage because it's now up and running.

In other words, the IRS is going to continue to collect on unreported foreign assets. The only thing a repeal would change is whether it is done through FATCA's individual reporting requirements and foreign asset disclosures, or through other, less uniform means.

https://www.jrviola.com/tax-news/ovdp/2017/01/12/irs-commissioner-pushes-ovdp-program-continue/
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and end the Offshore Voluntary Disclosure Program (OVDP) which will expire in Sept 2018. I bet he will, the elites love to hide money offshore. Of course the GOP led by Chaffetz tired to impeach him, and now Trump has replaced him. Of course someone so underhanded as Trump and his people will do nothing unless its a liberal who hides money and someone they don't like.

I wonder when he will raise the 12% tax back up to 15% , like Reagan did. I mean the 10% is already gone , so I imagine now it will become only the 15%. I think Trump loves the hard workers so much he loves to tax them to death.

 

[Penelope]

For tax year 1987, the Act provided a graduated rate structure of 11%/15%/28%/35%/38.5%. Beginning with tax year 1988, the Act provided a nominal rate structure of 15%/28%/33%. However, beginning with 1988, taxpayers having taxable income higher than a certain level were taxed at an effective rate of about 28%.[7] This was jettisoned in the Omnibus Budget Reconciliation Act of 1990, otherwise known as the "Bush tax increase", which violated his Taxpayer Protection Pledge.

Tax Reform Act of 1986 - Wikipedia

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Tickle down means tax cuts for the wealthier people. Remember what Reagan did, remember it and Trump is doing the same thing. Read the Omnibus Budget of 1990 , he left Bush a mess, and Bush should of just raised the top income tax way up.

I hope the next President which will be a Dem raises the top bracket to 45% and raises the passive income tax.

 

[Toddsterpatriot]

Dems should make that their top platform issue.
Just ahead of gun bans and open borders.