Obama supports the new Stop Tax Haven Abuse Act

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President Obama’s support for the Stop Tax Haven Abuse Act was announced by Treasury Secretary Geithner at a Ways and Means Committee hearing yesterday in Washington DC.

As Carl Levin said:

This is very welcome news and greatly improves the chances of an offshore tax bill becoming law this year. 

It also sends a strong signal to tax havens that this Administration is not going to tolerate the kind of offshore tax abuses that have been draining $100 billion a year from the U.S. Treasury and that, as a result, offload the tax burden onto the backs of honest taxpayers. 

I hope that Secretary Geithner will now add his voice to the chorus of nations calling for action to be taken at the G20 meeting in April to clamp down on offshore secrecy jurisdictions that impede tax enforcement.

Is Gordon Brown listening?

I hope so.