Accomplishment No. 6: Foreign Account Tax Compliance Act (FATCA) & Swiss bank accounts
The Obama administration worked to get FATCA passed by Congress in 2010 as a part of the U.S. crackdown on offshore tax cheating.Those who cheat taxes by keeping their money offshore in places like Swiss bank accounts, cost Americans an estimated $100 billion a year.
Should a president hide money in offshore accounts? Well, "Mitt Romney could be the first president in U.S. history to stash millions offshore."
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