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compet tax policy sending Americans packing for other jurisdictions whatamp;#39;s going on well the the numbers certainly tell the story the number of Americans Erica renouncing their US citizenship Rose 39% in the third quarter of this year there could be many reasons why they did that but one explanation is a new law that took effect in July that makes it harder for Americans to hide their assets overseas outside the docHub of the Internal Revenue Service and the law weamp;#39;re talking about here is the foreign account tax compliance act better known here in Washington as fatka itamp;#39;s a response to the revelations that UBS other foreign Banks were actively pitching us clients on schemes to hide their assets from the IRS UBS youamp;#39;ll recall eventually paid a $780 million penalty handed over info on 4700 accounts and in July fatka started requiring us financial institutions to impose a 30% withholding tax on payments made to foreign banks that donamp;#39;t agree to iden
