Posted on 02/19/2007 12:17:34 AM PST by FLOutdoorsman
Three senators proposed legislation that would target what they say is $100 billion a year in tax revenue lost each year because of overseas tax havens, in part by forcing hedge funds to track their foreign investors.
The measure would impose tougher requirements on U.S. taxpayers using offshore secrecy jurisdictions, give the U.S. Treasury the authority to take action against foreign jurisdictions that impede tax enforcement, stiffen penalties against abusers and close offshore trust loopholes, according to a summary of the bill released by Michigan Democrat Carl M. Levin.
The legislation would require hedge funds to establish programs to combat money laundering and better track offshore investors, under guidance from the Treasury Department. The measure would also prohibit the U.S. Patent and Trademark Office from issuing patents for accounting strategies intended to "minimize, avoid, defer, or otherwise affect liability for federal, state, local, or foreign tax."
"We cannot tolerate tax cheats offloading their unpaid taxes onto the backs of honest taxpayers," Levin said in a joint statement with co-sponsors Norm Coleman (R-Minn.) and Barack Obama (D-Ill.). "Offshore tax havens have declared economic war on honest taxpayers by helping tax cheats hide income and assets that should be taxed in the same way as other Americans."
The Treasury Department and top lawmakers in both houses of Congress have made a priority this year reducing the so-called tax gap, the difference between what individuals and companies owe and what they pay. The IRS said a study of 2001 tax returns shows the tax gap is about $345 billion a year, only $55 billion of which is recovered.
(Excerpt) Read more at washingtonpost.com ...
Good post. The U.S. Government could enjoy better collections of taxes if they reduced the burden and cut spending.
bump!
Typical liberals. They want your money. It's redistribution of wealth.
Oh goody, more money for our elected officals to waste and steal.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
"Typical liberals. They want your money. It's redistribution of wealth."
I am assuming that the Swimmer will be immune from this?
What this means is that hedge funds, along with many other stock-related funds, will not only move their HQ out of the USA, but, they will bar US investors.
Those already sheltering their money, will simply have to move it offshore first, then put it into the funds.
Country getting the business will thus most likely be England, as the City of London is now a financial powerhouse.
We are already noncompetitive in the world based on ridiculous tax regulation. There is a reason you don't see US management....we need to pay taxes everywhere... So companies hire other people to run global businesses. US owners have too much regulation to own overseas and attract too much attention from our own government for their business activities. Foreign investors have less interest in investing in US business anywhere in the world because the USG will tax them coming and going and burrow into their international records under the guise of national security.....It is about revenue plain and simple. If we want to end up like Argentina this is the path!
Spot on!
NO TAXATION WITHOUT REPRESENTATION!
As an American citizen living overseas did anyone here realize that people like me have NO CONGRESSMAN that represents us.
Sadly I'm sure Congress never stopped to think about the root cause of the problem (i.e. what regulations are forcing this money overseas?). They can try to stick their finger in the dyke, but as fast as they can write legislation is how fast smart financial advisers will be findings ways around it.
Is George Soros an American citizen? If so, then Levin should start with him, he hides his billions in Curacoa but deigns to "run" the American left from his offices in New York. These kinds of creeps are the ones really hurting the American economy, let's start by going after Sorry Soros.
That's the bottom line, isn't it? Very frustrating.
Carolyn
Fine then, give us representation.
So if you get a Rep you are ok with paying taxes to the US and Malaysia and the cost of compliance and no access to the services for which you pay.
I won't pay tax twice no.
I guess you could justify a cozy 757 for that rep......
Then the reps for DC would want the vote....lol
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