Florida Congressional Delegation United Against IRS Proposal

Every single member of the Florida delegation in the U.S. House of Representatives sent a letter to President Barack Obama stating their opposition to a proposed policy from the IRS which would send interest money from foreign individuals in American banks to their home countries.

This rule has the potential to be very damaging to our already struggling economy, said Republican U.S. Rep. Bill Posey. The current confidentiality practice is a major incentive for wealthy foreigners to invest their money here in the United States, making capital more available for loans to businesses for expansion and job creation.

When you understand what the impact would be of what the IRS is proposing, you can see how devastating this would be for our economy, added Posey. Foreigners would just take their money out of U.S. banks and move it to another country. At the end of the day, all that would be accomplished is driving several hundred billion dollars out of the U.S. economy. Its clear that Congress and the administration rejected this idea when it was first proposed by the IRS in 2001 and why it should be stopped again.

The congressmen maintained that nonresident aliens have more than $3 trillion in deposits in American banks which could be threatened by the IRS proposal.