US Bill Focuses On Candidates’ Tax Haven Ties

March 30, 2012

US lawmakers and candidates would have to spell out any financial ties they might have to countries considered to be tax havens — including Bermuda — under a bill introduced by two Democrats in the Senate on yesterday [Mar 29].

The measure, seen by some on Capitol Hill as a jab at Republican presidential candidate Mitt Romney, has little chance of getting through a sharply divided Congress ahead of the November 6 general election.

The proposal by Senators Dick Durbin and Al Franken would require lawmakers and candidates for federal office to list connections to countries such as the Cayman Islands and Bermuda in annual financial disclosure forms.

This kind of information must already be reported on US tax forms, which are private, but it is not required on congressional disclosure forms.

Mr. Romney, one of the wealthiest men ever to run for president, voluntarily released recent tax filings in January. These showed that some of his financial holdings involved entities in offshore jurisdictions such as the Cayman Islands and Bermuda.

“This information will help restore the American people’s trust in government and ensure that government leaders aren’t skirting our laws,” Senator Durbin said in a release.

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