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Dropping the bomb: America’s tax attack

According to the Economist, America’s fierce campaign against tax cheats is doing more harm than good. The Foreign Account Tax Compliance Act, was passed as a law in 2010 with the purpose being to to crack down on the use of offshore banks to hide their taxable assets. America’s tax attack in the form of this law is undeniably the most important and controversial development in decades in the international fight against tax evasion. It is feared and loathed by business men because of its complexity, its global reach and the high cost of compliance…

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