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Senators Set Sights On Overseas Tax Havens
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Feb 18, 2007 09:41pm |
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| Category | News |
| Media | Newspaper - Washington Post |
| News Date | Monday, February 19, 2007 03:40:00 AM UTC0:0 |
| Description | By Mark Drajem and Ryan J. Donmoyer
Bloomberg News
Sunday, February 18, 2007; Page A10
Three senators proposed legislation that would target what they say is $100 billion a year in tax revenue lost each year because of overseas tax havens, in part by forcing hedge funds to track their foreign investors.
The measure would impose tougher requirements on U.S. taxpayers using offshore secrecy jurisdictions, give the U.S. Treasury the authority to take action against foreign jurisdictions that impede tax enforcement, stiffen penalties against abusers and close offshore trust loopholes, according to a summary of the bill released by Michigan Democrat Carl M. Levin.
The legislation would require hedge funds to establish programs to combat money laundering and better track offshore investors, under guidance from the Treasury Department. The measure would also prohibit the U.S. Patent and Trademark Office from issuing patents for accounting strategies intended to "minimize, avoid, defer, or otherwise affect liability for federal, state, local, or foreign tax." |
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