Rand Paul Sues IRS Over Foreign Account Taxes, Bank Disclosures

moneyRepublican presidential candidate Rand Paul sued the Treasury Department and Internal Revenue Service (IRS) over rules on how Americans abroad are taxed and what foreign banks must disclose on U.S. citizens who are customers.

The lawsuit claims regulations implementing the Foreign Account Tax Compliance Act, which makes it harder for Americans to hide assets outside the country from the IRS, are unconstitutional and violate privacy rights of U.S. citizens.

The complaint, 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.

This gives louder voice to many who are asking why the details our income and money should be the business of the federal government.

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