Legislative Updates: 115th Congress
Rep. Deutch Co-Introduces Stop Tax Haven Abuse Act
Today, Congressman Ted Deutch (FL-22) co-introduced the Stop Tax Haven Abuse Act, bipartisan legislation to fight overseas tax evasion.
This legislation would close offshore tax loopholes, which are contributing to the nation's deficit. This bill would also improve efforts to decrease offshore tax abuse by empowering the Department of the Treasury to take steps against foreign and financial institutions that are obstructing U.S. tax enforcement. It would help contest offshore concealment by treating the U.S. taxpayer involved with the account as the responsible owner of the account. This bill will take action to ensure that every American citizen and company pays their fair share of taxes, and that the burden does not lie solely with those who follow the law.
A copy of H.R. 1932 is available here.