Financial Transparency Coalition

Washington, D.C. – Senate Finance Committee Chairman Max Baucus (D?Mont.), House Ways and Means Committee Chairman Charles Rangel (D?NY), senior Senate Finance Committee member John Kerry (D?MA) and Ways and Means Select Revenue Subcommittee Chairman Richard Neal (D?MA) today unveiled a comprehensive proposal to clamp down on tax evasion and improve taxpayer compliance by giving the IRS new administrative tools to detect, deter and discourage offshore tax abuses.

US Senate Finance Committee Chairman Max Baucus and US House Ways and Means Committee Chairman Charlie Rangel today introduced legislation aimed at curtailing offshore tax evasion. From Reuters:

Under the proposed bill, foreign banks would be forced to disclose information about American customers, or face a 30 percent tax on their income from U.S. financial assets.

The legislation would crack down on shell companies by requiring a foreign corporation to give the U.S. Treasury the names of Americans who own more than 10 percent of its shares.

WASHINGTON (Reuters) - A proposal to stop rich Americans from stashing assets offshore to evade taxes, by slapping penalties on individuals and foreign financial institutions, was introduced on Tuesday in the U.S. Congress.

The Swiss banking industry, facing a raft of proposals from Congress and the IRS for new requirements aimed at catching U.S. tax evaders, is beefing up its Washington lobbying ranks.