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Despite Senate Support, Tax Evasion Measure May Find Resistance in the House
By Colby Adams
printA recently adopted legislative amendment that would authorize punitive measures against foreign banks and countries that facilitate U.S. tax evasion faces significant opposition in the House of Representatives, say congressional sources and advocacy groups. The Offshore Tax Loophole Amendment, added to a $109 billion transportation bill Thursday after being introduced by three Democratic senators led by Sen. Carl Levin (D-MI), would allow the U.S. Treasury Department to bar banks from processing wire transfers or credit cards linked to offending foreign financial institutions that facilitate tax evaders. The department would also be able to apply controls implemented through the Patriot Act's...
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