http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_2136.html#31709 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... 31709@http://www.washingtonwatch.com Tue, 25 Mar 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_2136.html#25951 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.... 25951@http://www.washingtonwatch.com Mon, 31 Dec 2007 00:00:00 EST http://www.washingtonwatch.com/bills/show/110_HR_2136.html#23656 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.... 23656@http://www.washingtonwatch.com Sat, 24 Nov 2007 00:00:00 EST http://www.washingtonwatch.com/bills/show/110_HR_2136.html 10/3/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on the Judiciary. 27415@http://www.washingtonwatch.com Wed, 03 Oct 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_2136.html?rev=7222 <p>H.R. 2136 would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.</p> <p>Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.</p> <p>Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.</p> <p>Modifies requirements for certain third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (John Doe summons).</p> <p>Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.</p> <p>Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.</p> <p>Allows increased disclosure of tax information for enforcement purposes.</p> <p>Directs the Secretary to impose standards for written tax opinions by tax practitioners.</p> <p>Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.</p> <p>Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 6/4/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 7222@http://www.washingtonwatch.com Thu, 02 Aug 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_2136.html?rev=2099 <p>H.R. 2136 would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.</p> <p>Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.</p> <p>Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.</p> <p>Modifies requirements for certain third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (John Doe summons).</p> <p>Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.</p> <p>Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.</p> <p>Allows increased disclosure of tax information for enforcement purposes.</p> <p>Directs the Secretary to impose standards for written tax opinions by tax practitioners.</p> <p>Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.</p> <p>Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 5/3/2007: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 2099@http://www.washingtonwatch.com Thu, 28 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_HR_2136.html?rev=2100 <p>H.R. 2136 would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation.</p> <h2 id="toc8"> Detailed Summary </h2> <p>Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.</p> <p>Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.</p> <p>Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.</p> <p>Modifies requirements for certain third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (John Doe summons).</p> <p>Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.</p> <p>Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.</p> <p>Allows increased disclosure of tax information for enforcement purposes.</p> <p>Directs the Secretary to impose standards for written tax opinions by tax practitioners.</p> <p>Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.</p> <p>Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 6/4/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 2100@http://www.washingtonwatch.com Thu, 28 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_2136.html#16222 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!... 16222@http://www.washingtonwatch.com Tue, 05 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_2136.html 6/4/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property. 22671@http://www.washingtonwatch.com Mon, 04 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_2136.html 6/4/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property. 29646@http://www.washingtonwatch.com Mon, 04 Jun 2007 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_HR_2136.html 5/3/2007: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 19727@http://www.washingtonwatch.com Thu, 03 May 2007 00:00:00 EDT