Congressmen Bill Posey (R-FL), Mario Diaz-Balart (R-FL), and Gregory Meeks (D-NY) have introduced a bill to bar the Treasury Department from adopting rules requiring US Banks to report interest paid on deposits by non-resident aliens to their native countries. This shocking bill reinforces the message of Nicholas Shaxson’s book, Treasure Islands, that the US is one of the biggest tax havens in the world.
|By: masaccio Friday July 22, 2011 6:00 am|
|By: Yves Smith Saturday April 30, 2011 1:59 pm|
Treasure Islands tells us that tax havens are much larger and much more destructive than most might realize, yet at the same time enjoy much more unofficial and formal support from governments in advanced economies than many of us want to believe.