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Senator Rubio Applauds U.S. House For Exposing Job-Destroying IRS Mandate
Washington, D.C. – Senator Marco Rubio today applauded the U.S. House Financial Institutions and Consumer Credit Subcommittee for exposing a destructive proposed mandate (REG-146097-09) that would impede small business lending and further undermine job creation.
The regulation would require U.S. banks to report the amount of deposit interest earned by nonresident aliens to the Internal Revenue Service (IRS). The mandate, which mirrors previously-rejected proposals from the IRS, would abandon over 90 years of well-established tax policy and cause tens of billions of dollars to flee the economy, placing a heavy and disproportionate burden on states like Florida which rely on foreign deposits to spur small business lending and encourage economic growth in local communities. A 2004 study from the Mercatus Center at George Mason University found that a narrower rule proposed in 2002 would have caused a capital flight of more than $87 billion.
“I applaud Chairman Bachus and Subcommittee Chairwoman Capito for holding this important hearing on the IRS’s pointless foreign deposits mandate, which would be a major blow to Florida’s economy at a time when our state’s unemployment rate is hovering around 11 percent. The last thing the IRS should do at a time of slow economic growth is supersede Congress and move forward with a pointless regulation that will impede the ability of independent and community banks to increase lending to businesses that create jobs. I urge the Administration to withdraw this job-destroying mandate and send a signal to investors that America remains open for business.”
Senator Rubio has introduced bipartisan legislation, S.1506, which would stop the IRS from moving ahead with its foreign deposits mandate, maintaining the current system of interest reporting. The legislation, which mirrors legislation introduced by Congressmen Bill Posey (R-FL) and Gregory Meeks (D-NY), has 17 co-sponsors, and is supported by groups including:
- American Bankers Association
- Credit Union National Association
- Center for Freedom & Prosperity
- Conference of State Bank Supervisors
- Florida International Bankers Association
- Florida Bankers Association
- Financial Services Roundtable
- Independent Community Bankers Association
- National Association of Federal Credit Unions
- National Taxpayers Union
- Small Business & Entrepreneurship Council
- U.S. Chamber of Commerce
Senator Rubio also submitted written testimony to the Financial Institutions and Consumer Credit Subcommittee.