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Wednesday, April 18, 2012

US takes steps to stop being tax haven

Via @RichardJMurphy, the Tax Justice Network reports that yesterday the IRS and Treasury Department released new regulations requiring banks to report interest income to foreigners' tax authorities. TJN describes this as "a big win for transparency," and indeed it is. It is a welcome step away from the hypocrisy the U.S. has displayed in pressing foreign governments to cooperate with the IRS, while turning a blind eye towards the way the U.S. can function as a tax haven for foreigners.

Predictably, Senator Marco Rubio and Rep. Bill Posey, both Republicans, have introduced legislation that would overturn the regulations, according to Bloomberg. Stay tuned.

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