Bill Targeting Offshore Tax Evasion Is Introduced in Congress

Source: WSJ

WASHINGTON -- Democrats in Congress introduced legislation aimed at squeezing more information from foreign banks and U.S. citizens with overseas accounts, as part of an effort to combat offshore tax evasion.

The bill from Senate Finance Chairman Max Baucus (D., Mont.), and House Ways and Means Committee Chairman Charles Rangel (D., N.Y.) includes some of President Obama's proposals to fight offshore-tax cheating. If implemented, the measure could raise $8.5 billion for the U.S. government over 10 years, according to a summary of the bill.

Customers of foreign banks would be hit with a 30% withholding tax on income from U.S. assets, unless the bank were to agree to disclose the identities of its U.S. customers and report on annual balance and account activity of those customers to the Internal Revenue Service.

"This bill offers foreign banks a simple choice -- if you wish to access our capital markets, you have to report on U.S. account holders," Mr. Rangel said Tuesday.


Read more: http://online.wsj.com/article/SB125665647056710555.html

Will Joe Lieberman and the rest of the GOP vote against this too???

for more than a little while, I'd bet...

you know the corp that only had to turn over 250 names out of 52,000 tax cheats!!

K&R