: Stalled tax talks via @POLITICO
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The bank conundrum stems from a 2010 U.S. anti-tax evasion law that kicks in this July, the Foreign Account Tax Compliance Act. It requires all foreign banks to report to the IRS information on all American accounts with more than $50,000.
Any foreign banks that don’t participate will see a 30 percent withholding tax penalty on dividends, capital gains and other investments that yield U.S.-source income.
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