Wednesday, March 4, 2009

Congress Targets Offshore Jurisdictions For Alleged Tax Abuses

Two separate Congressional bills recently have been introduced which seek to crack down on offshore jurisdictions whose financial privacy laws allegedly aid and abet tax evasion by U.S. taxpayers. The Senate bill, entitled the "Stop Tax Haven Abuse Act", was introduced by Senator Carl Levin (D-Mich.). A summary of the Act appears here, and the full text of the Act is available here. H.R. 1265, the House version of the bill, was introduced by Representative Lloyd Doggett (D-Tex.).