Highlights of Proposed Legislation Aimed at Combating Offshore Tax Evasion
A bill introduced yesterday by Senate Finance Committee Chairman Max Baucus (D.-Mont.) and others contains various proposals aimed at combating offshore tax evasion. The bill includes both new proposals and modifications of certain proposals that were included in the Administration’s 2010 budget, bills introduced by Senator Carl Levin (D. Mich.) and Representative Lloyd Doggett (D.-Tex.) and a draft released by Senator Baucus. The Joint Committee on Taxation simultaneously released a technical explanation of the bill, and Secretary Geithner immediately issued a statement supporting the bill, so it appears to have received significant input and backing. Select proposals are highlighted below.
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