Chamber works to curtail proposed IRS rule

The Obama administration has signaled that the rule, which would be applied to any nonresident alien who held at least $10 in interest in U.S. banks, is aimed at helping foreign governments battle tax evasion. But the bill has faced opposition among Republicans, and even some Democrats, in Congress.

{mosads}On Tuesday, Rep. Charles Boustany Jr. (R-La.), chairman of the House Ways and Means Oversight subcommittee, asked Treasury Secretary Timothy Geithner to stop moving forward with the proposed rule.

All 25 members of Florida’s House delegation, which includes six Democrats, also wrote President Obama on the matter this year, also arguing that the rule would hurt foreigners who live under less stable governments than the U.S. 

Previous administrations have tried to implement similar rules, as both Boustany and Josten noted in their letters. The IRS issued this particular proposed regulation in February.