Tax rule would force banks to disclose identities of foreigners who make US deposits.
Over the objections of Florida lawmakers, the U.S. Treasury Department has issued a new rule that will force banks to disclose the identity of foreigners who deposit their money in America.
The regulation - which represents a major shift in policy - goes into effect next January and has alarmed the entire Florida congressional delegation, which is concerned the requirement will prompt foreigners to move their money to countries that require less disclosure.
"This is going to have a devastating impact on Florida and Florida banks," said U.S. Sen. Marco Rubio, R-Fla., who has filed legislation, along with U.S. Rep. Bill Posey, R-Fla., to block the rule.
Read more at: Tax Times blog
