Trustee Election
These are the original issues in this subcategory
  • REPATRIATED CORPORATE PROFITS
  • OVERSEAS HEADQUARTERS
  • OFFSHORE BANK ACCOUNTS
Winning Issue » OFFSHORE BANK ACCOUNTS


An offshore bank is one located outside the resident country of a depositor, typically in a country that provides greater privacy and little or no taxation. Offshore banking is often linked to tax havens for criminals, money launderers and tax cheats. Some have estimated that more than $2 trillion is currently being held in these accounts. Offshore tax evasion is a global problem and has been called the biggest theft among societies and neighbor states ever committed. It is estimated our Treasury loses about $280 billion a year in tax revenue from wealthy Americans and companies hiding money in offshore banks. Critics say these funds could go a long way in helping to rebuild our nation’s infrastructure. It is difficult to tax offshore accounts. Although the IRS requires taxpayers to declare offshore bank accounts, many do not. Most offshore banks, protected by secrecy rules, have no legal obligation to report these accounts either. There have been increased efforts to regulate international finance and offshore banks since 9/11, with some success. In 2009, the IRS and Justice Departments fined the Union Bank of Switzerland $780 billion for illegally aiding 17,000 American tax cheats. UBS was required to reveal the names of 4,500 American depositors suspected of evading taxes. The IRS has also collected more than $5.5 billion from Americans offered incentives to voluntarily disclose offshore accounts. These incentives include reducing the amount of taxes or penalties owed and amnesty from tax-evasion prosecution.


Pending Legislation:
H.R.297 - Stop Tax Haven Abuse Act




Options


  • I oppose reforming current offshore bank accounts policy and wish to defeat H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to the campaign committee of either Rep. Paul Ryan or Sen. Mitch McConnell
  • I support efforts to tax offshore bank accounts and treating certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; requiring tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treating swap payments sent offshore as taxable U.S. source income; allow the use of tax return information to evaluate foreign financial account reports; increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, and wish to pass H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Lloyd Doggett (TX), or to an advocate group currently working with this issue


Winning Option
  • I support efforts to tax offshore bank accounts and treating certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; requiring tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treating swap payments sent offshore as taxable U.S. source income; allow the use of tax return information to evaluate foreign financial account reports; increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, and wish to pass H.R.297 - Stop Tax Haven Abuse Act, and also wish to donate resources to either the campaign committees of Rep. Paul Ryan (WI) and/or Rep. Lloyd Doggett (TX), or to an advocate group currently working with this issue
There has been $0.00 pledged in support of this issue
Trustee Candidates

If elected as a trustee, the campaign committee of Rep. Paul Ryan (WI) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to favorably consider passing H.R.297 - Stop Tax Haven Abuse Act. If more than $1,000 has been pledged, the campaign committee of sponsor Rep. Lloyd Doggett (TX) will be unconditionally awarded 10% of these funds.

Legislation: H.R.297 - Stop Tax Haven Abuse Act
Sponsor: Rep. Lloyd Doggett, TX
Status (2): House Ways and Means Committee
Chairman: Rep. Paul Ryan, WI
House Financial Services Committee
Chairman: Rep. Jeb Hensarling, TX


If elected as a trustee, GFI will be awarded the funds pledged to this issue along with a letter requesting these funds be used to advocate for closing tax loopholes which allow corporate and individual’s income to be kept in offshore tax havens to avoid paying taxes.

Global Financial Integrity (GFI) promotes national and multilateral policies, safeguards, and agreements aimed at curtailing the cross-border flow of illegal money. In putting forward solutions, facilitating strategic partnerships, and conducting groundbreaking research, GFI is leading the way in efforts to curtail illicit financial flows and enhance global development and security. Its mission stems from the estimate that $1 trillion in funds which are illegally earned, transferred or utilized are spirited out of developing countries annually. Of this, $500 billion a year ends up in western accounts. GFI states this constitutes the most damaging economic condition hurting the poor. Illicit capital flows enable drug cartels, terrorist organizations and tax evaders to move cash around the globe, undermines the goals of the World Bank and other lending institutions, strips developing nations of critical resources and contributes to failed states.
I wish to select my own choice of trustee from the following list of legislators:

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Trustee Election - Opening Date
April 9, 2020
Trustee Election - Closing Date
April 15, 2020