Mark Matthews Comments on Landmark Tax Evasion Law
POLITICO quoted Mark E. Matthews concerning the Foreign Account Tax Compliance Act (FATCA) and its ability to combat offshore tax evasion long term. While supporters and opponents of the law agree FATCA is historic, skeptics revealed its enormous compliance costs and the need for a cost-benefit analysis. For the complete article, please visit POLITICO's website.
Excerpt taken from the article.
Other skeptics, like former Deputy IRS Commissioner Mark Matthews, say the law is misguided because the bulk of uncollected U.S. taxes comes from small businesses in the U.S. — not Americans hiding money offshore.
"We need a reality check here and to focus on the problem — not that tax evasion isn't bad, but the resource allocation is way off," the Caplin & Drysdale lawyer said. "There has been a serious lack of focus on the cost benefit between the long-term return to the Treasury versus the enormous compliance cost abroad and even in the U.S."