10/28/2009

Democrats introduced bills in the House and Senate on Tuesday that would raise $8.5 billion in new tax revenue by imposing new reporting requirements on income earned by financial companies based outside the U.S. Foreign companies that operate in the U.S. would have to provide the reporting or pay a 30% withholding charge on all U.S.-based earnings. "This bill offers foreign banks a simple choice -- if you wish to access our capital markets, you have to report on U.S. account holders," said Rep. Charles Rangel, D-N.Y.

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