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Tuesday, October 27, 2009

Democrats Propose 30% Tax on Foreign Banks That Refuse to Disclose Names of U.S. Customers

House Ways & Means Committee Chair Charles Rangel, Senate Finance Committee Chairman Max Baucus, House Ways & Means Select Revenue Subcommittee Chair Richard Neal, and senior Senate Finance Committee member John Kerry today introduced the Foreign Account Tax Compliance Act.

http://taxprof.typepad.com/taxprof_blog/2009/10/democrats-.html

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Comments

Oh good. Let us make it impossible for ex-pats to open bank accounts in the countries where they live.

Posted by: Borris | Oct 27, 2009 4:06:38 PM

I love laws like this that are by their very nature difficult to enforce. I imagine foreign banks paying some of their U.S. customers to allow them to disclose their names, and not others. How will the IRS show that all names were not disclosed? Are all of the above congressmen Democrats?

Posted by: hah | Oct 28, 2009 4:30:55 AM

FYI to the United States, the empire is over. You are getting your derriere handed to you in Afghanistan, and Iraq destroyed the 00s. It's time you recognize that you are NOT in a position to dominate the world, whether militarily, economically or in your tax policy.

Posted by: anon | Oct 29, 2009 5:04:11 PM