Financial Transparency Coalition

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.

Offshore Asset Protection BLOG - Bob Bauman: He’s Baaaaaack! Levinism Redux.. Give Bob Bauman of the Sovereign Society credit for one thing: he did not take long to react to Carl Levin’s speech last night. Of course, all he says is wrong - but Bob’s that sort of guy. Then note how he ends:

An influential American Senator has urged US President Barack Obama to push the G20 nations to bar tax haven banks from participating in the global financial system if they refuse to cooperate with investigations of tax evasion.