This page contains bill sponsorships in the Senate and House. Bill sponsorships indicate the topics that legislators are most interested in, and spend the most time on.

13-S268 on Apr 15, 2013

• treat foreign corporations controlled primarily in the US, as domestic corporations for tax purposes
• require tax withholding agents and financial institutions to report certain information about owners of foreign-owned financial accounts,
• treat swap payments sent offshore as taxable US source income,
• increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability
• prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit
• requires corporations registered with the SEC to report annually, on a country-by country basis, on employees, pre-tax gross revenues, and payments made to foreign governments
• authorizes a fine of up to $1 million for failure to disclose any holding or transaction involving a foreign entity that would otherwise be subject to disclosure requirements
• publishes a rule requiring investment advisors to establish anti-money laundering programs and submit suspicious activity reports
• Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.

Proponent's argument for bill: (by Jubilee USA Network, a religious antipoverty organization):

"The religious community couldn't be more pleased with this vital legislation that protects poor people inside and outside our borders. This legislation means that corporations can't rob billions of dollars from poor people across the globe. A critical piece of the legislation is country-by-country reporting of corporate payments to governments. Reporting at this level sheds light on the tax dodging that hurts all of us."

Also see the related House of Representatives bill H.R.1554

Participating counts on VoteMatch question 11. Question 11: Higher taxes on the wealthy Scores: -2=Strongly oppose; -1=Oppose; 0=neutral; 1=Support; 2=Strongly support.
• Topic: Corporations
• Headline: Sponsored enforcing against corporate offshore tax haven banking (Score: 1)
• Headline 2: Enforce against corporate offshore tax haven banking (Score: 1)
  
  
• Key for participation codes:
• Sponsorships: p=sponsored; o=co-sponsored; s=signed
• Memberships: c=chair; m=member; e=endorsed; f=profiled; s=scored
• Resolutions: i=introduced; w=wrote; a=adopted
• Cases: w=wrote; j=joined; d=dissented; c=concurred
• Surveys: '+' supports; '-' opposes.