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--- wiki:contents:fatca:byrnes_paper [2017/03/28 21:55] – [Background and Current Status of FATCA] under construction karen
+++ wiki:contents:fatca:byrnes_paper [2017/03/28 21:56] (current) – [Overview and Purpose of FATCA] fix typo karen
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 There are some useful quotes on page 1-4:
->While the tax revenue aspect of FATCA is widely quoted, in fact, tax revenue was not intended to close the U.S. revenue loss gap. Senator Levin stated that FATCA was intended to "force foreign financial institutions to disclose their U.Sl account holders or pay a steep penalty for nondisclosure." [footnote omitted] It appears that the primary purpose of FATCA was for the U.S. government to obtain otherwise private financial information and control of the global financial industry.
+>While the tax revenue aspect of FATCA is widely quoted, in fact, tax revenue was not intended to close the U.S. revenue loss gap. Senator Levin stated that FATCA was intended to "force foreign financial institutions to disclose their U.S account holders or pay a steep penalty for nondisclosure." [footnote omitted] It appears that the primary purpose of FATCA was for the U.S. government to obtain otherwise private financial information and control of the global financial industry.
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