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H.R. 2136, The Stop Tax Haven Abuse Act
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Visitor Comments
FreeBuzzard
I m a proud hardworking American but in Luxembourg. This bill would make me an accused taxcheat simply because I have a local bank account here. Offshore secrecy is a real threat but throwing out a Draconian net like this will affect a lot of innocent hardworking Americans. Come on Congress, did not you just learn that rushing in to things with guns ablazing and no forethought just causes more troubles (i.e., Iraq). Let's get it together and play smart!
Globetrotter
Instead of passing the Stop Tax Haven Abuse Bill to try and recoup tax dollers to offset a deficit as a result of poor decision making, why not stop making poor decisions instead? It's a lot easier. Also, I find it alarming that the US is essentially a no-tax jurisdiction to foreigners who invest their money here or who engage in certain business activities; yet, we are attempting to force other jurisdictions to not offer the same tax incentives to foreigners!!! This is not a "level playing field" guys and a shameful double standard that you are attempting to impose!! You have to respect international law. Offering financial tax incentives like the US is one of the few ways that some of these smaller countries can survive economically and be somewhat competitive. I will certainly not vote for Mr. Obama for the Presidency as a result of his introduction to this bill! You've disappointed me, Mr. Obama.
TaxAdvisor
Many US companies establish businesses in foreign jurisdictions in order to sell their US-based products. If this hideous bill became law it would simply scare US professionals from establishing foreign corporations and bank accounts for such clients. Apparently, a few brilliant geniuses in Congress and the Senate think the offshore service industry would disappear if this ill-conceived bill passed. It wouldn’t. It would simply be fulfilled by advisors located abroad who are not afraid of US laws. Bye bye tax dollars.
Joseph Horgan
This bill is in response the current status quo that allows $1.5 trillion of a very select group of individuals (the upper 1%) to go untaxed.
Taxes are the price we pay for a civil society. Unfortunately, those who benefit the most from the civil society want others to pay for it. This bill seeks to ensure that those who benefit the most pay their fair share.
Joseph P. Horgan, Project Director
Tax Justice Network - USA