Sen. Max Baucus, D-Mont., and Ways and Means Committee Chairman Charles Rangel, D-N.Y., have filed new legislation to crack down on offshore tax evasion, and unlike an earlier bill, their version won’t include a so-called blacklist of countries that are considered tax havens.
Sen. Carl Levin, D-Mich., and Rep. Lloyd Doggett, D-Texas, had filed the Stop Tax Haven Abuse Act, which would have created a list of foreign tax havens and given the U.S. Treasury Department new tools to impose sanctions on them. That bill set off a lobbying push by countries that didn’t want to be included in the legislation. The National Law Journal wrote about the issue in June.
