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Lawmakers Introduce Bill to Crack Down on Tax Evaders
By Colby Adams
printThe chairmen of the Senate Finance and House Ways and Means committees unveiled legislation Tuesday designed to help the I.R.S. find tax evaders with assets housed in offshore jurisdictions. The Foreign Account Tax Compliance Act (FATCA), authored by Sen. Max Baucus (D-MT) and Rep. Charles Rangel (D-NY), would require U.S. tax payers to report offshore accounts with more than $50,000. The bill would also impose a 30% withholding tax on the assets of foreign financial institutions that don't disclose the identities of their U.S. clients. The measure would net $8.5 billion in additional tax revenue over the next decade, according...
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