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Foreign Account Tax Compliance Act: The Most Revolutionary Piece Of Tax Legislation Since The Introduction Of The Income Tax, Alexander Szwakob

Honors Scholar Theses

With taxation of income being the most significant source of revenue, most national governments consider tax evasion prevention to be one of the priorities of their tax agencies. In the United States, tax evasion has been a significant concern of the Internal Revenue Service ever since the modern income tax was instituted with the passing of the Sixteenth Amendment in 1913. Over the following century, Congress enacted numerous measures aimed at curbing the illegal practice, but, as often is the case, both individuals and institutions desiring to not abide by the law found new ways to outsmart the tax authorities. …