Anti-FATCA Group Pushes Law Repeal With Tax Overhaul

A group of activists is looking to hitch a repeal of a 2010 law requiring foreign banks to disclose account data of U.S. taxpayers to an overhaul of the tax code.

The Foreign Account Tax Compliance Act requires foreign banks to disclose U.S.-owned accounts to the Internal Revenue Service. The law, which the Campaign to Repeal FATCA seeks to eliminate, has been criticized for the taxpayer compliance cost largely outweighing the $800 million in additional tax revenue each year that the Joint Committee on Taxation projected the law would raise.

A repeal of the legislation would be ...