Senator Carl Levin has said the Stop Tax Haven Abuse Act is going to happen:
Sen. Carl Levin said the Stop Tax Haven Abuse Act - a bill which names Bermuda as one of 34 "offshore secrecy jurisdictions" - will become law next year with the support of the new president
"The President-elect has co-sponsored our bill, which goes after the misuse of these tax havens, the avoidance of taxes by American taxpayers, individuals and corporations using the Cayman Islands and all these other places to avoid paying their bills to Uncle Sam," Sen. Levin said in an interview broadcast on Bloomberg Television last Friday.
Some of us hope so, very much.
And some of don't believe those jurisdictions who will be affected who claim they're fully compliant and cooperative already. That is not an opinion the IRS share - because they effectively selected the 34 jurisdictions the Act will apply to.