Tax bill boosts reporting by banks, rich

October 27th, 2009


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 bill, introduced by Senate and House Democratic leaders, would raise $8.5 billion over a decade by collecting taxes in previously secret accounts, lawmakers said.

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