July 19th, 2011
Ten years ago today, the
New York Times reported the words of U.S. Treasury Secretary Paul O'Neill who, in testimony:
"dismissed as meaningless a document, based on government data, presented by the senator, Carl Levin, a Michigan Democrat, indicating that fewer than 6,000 of more than 1.1 million offshore accounts and businesses were properly disclosed and therefore legal. Pressed by Senator Levin about whether the disparity between reported offshore accounts and their actual numbers was significant, Mr. O'Neill replied: ''I find it amusing.''
The scale of it was startling, even then:
"His testimony, to the...
July 15th, 2011
WASHINGTON – The Internal Revenue Service is giving more time to Toronto-Dominion Bank (TD), Aegon NV (AGN) and other banks based outside of the U.S. to implement a controversial tax reporting rule.
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July 14th, 2011
Richard Murphy of Tax Research UK, a
coordinating committee member of the Task Force, has released a new report on
tax haven abuse on behalf of the Public and Commercial Services Union (PCS), War on Want, and the Tax Justice Network. The report examines the effects of tax havens on tax collection, financial stability, corruption and poverty. In addition, it looks at the consequences of secrecy laws in tax havens on the international financial system. The report expresses concern over the direction tax law is moving in, stating:
PCS wishes to draw attention to the massively worrying...July 13th, 2011
WASHINGTON, DC – Sen. Carl Levin, D-Mich., and several other senators have introduced a bill to close offshore tax loopholes and strengthen offshore tax enforcement.
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