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Washington, D.C. – U.S. Senator Marco Rubio (R-FL) issued the following statement regarding today’s release by the Treasury Department and Internal Revenue Service of a new mandate requiring U.S. banks to report interest payments on foreign deposits:
“As if our tax code weren’t already broken enough, the Obama Administration has added another regulation that will have disastrous consequences for Florida. By requiring banks to report interest earned by foreign investors, the administration has unilaterally handed down a job-destroying mandate that would encourage billions of dollars to flee Florida’s economy.
“The Obama Administration’s mandate flies in the face of over 90 years of smart tax policy that has attracted investment from abroad. In Florida alone, there are an estimated $14 billion in foreign deposits in our state chartered banks. This is money that is used for loans to help entrepreneurs create jobs as they start new businesses or expand existing ones.
“Congress should repeal this mandate immediately.”
For more background, read Rubio’s joint op-ed on the issue with Rep. Bill Posey here.