Republican presidential candidate Rand Paul sued the Treasury Department and Internal Revenue Service over rules on how Americans abroad are taxed and what foreign banks must disclose about U.S. customers.
The Foreign Account Tax Compliance Act is supposed to make it harder to hide assets overseas, yet its regulations are unconstitutional and violate privacy rights of U.S. citizens, Paul said in the complaint. The suit, filed Tuesday in federal court in Dayton, Ohio, also seeks to strike down requirements for Americans to file reports on foreign accounts over $10,000.
