In The News

| April 13, 2010

Recent US Tax Bills Target Offshore Tax Abuse

From the Journal of International Taxation, April 2010.

On October 27, 2009, the Foreign Account Tax Compliance Act of 2009 (“Foreign Account Bill” or FATCA), was introduced in Congress. Aimed at curbing the “growing use of foreign financial institutions, foreign trusts, and foreign corporations by US individuals to evade US tax,” the Bill was proposed by House Ways and Means Committee Chairman Charles Rangel (D-NY) and Senate Finance Committee Chairman Max Baucus (D-MT), along with Ways and Means Select Revenue Measures Subcommittee Chairman Richard Neal (D-MA) and senior Senate Finance Committee member John Kerry (D-MA). According to the Joint Committee on Taxation, the Bill would raise an estimated $8.5 billion over ten years.

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