View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
March 3, 2009

Reuters: Congressional bills target tax havens

By Spear's

WASHINGTON (Reuters) – Offshore tax havens used by rich Americans in Switzerland, the Cayman Islands and other nations are targeted for shutdown by bills offered on Monday by Democrats in both chambers of Congress.

WASHINGTON (Reuters) – Offshore tax havens used by rich Americans in Switzerland, the Cayman Islands and other nations are targeted for shutdown by bills offered on Monday by Democrats in both chambers of Congress.

The Senate bill expands on one co-sponsored last year by then-Senator Barack Obama and Senator Carl Levin, who has sought a broad crackdown on tax dodgers estimated to deprive the U.S. government of more than $100 billion a year.

A thriving business in tax evasion developed in recent years on Wall Street among consulting firms, hedge funds and other elite financial players. Some purveyors even sought patent protection for their off-the-shelf schemes.

The Levin bill would ban patenting of tax avoidance plans, target dozens of offshore “secrecy jurisdictions” for attention, and put a greater burden on taxpayers to show that their tax arrangements are legitimate.

To read the full article, visit reuters.com

Content from our partners
Abu Dhabi: How the 'capital of capital' became a magnet for UHNWs
Abu Dhabi Finance Week in the 'Capital of Capital'
Experience Seekers: The Future of Luxury Travel

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network