WASHINGTON – The U.S. Department of the Treasury today released the following statement from Secretary Tim Geithner on the introduction of the Foreign Account Tax Compliance Act of 2009:
“The legislation introduced today by Chairman Rangel and Chairman Baucus follows through on the Administration’s commitment to combating offshore tax evasion and ensuring a level playing field. For too long, individuals have taken advantage of the system by hiding money in accounts overseas, while millions of families and small businesses here at home pay the price. This legislation will reduce the amount of taxes lost through the illegal use of hidden accounts and is the next step in making sure that everyone pays their fair share.
“This legislation fits well into the Administration’s dual-track strategy of improving our domestic tax laws while increasing global cooperation on tax information exchange to help narrow the tax gap and create the fairer tax system we need. We have had great success recently in working with countries around the world to increase tax information exchange as part of the global effort to end offshore tax evasion.
“In addition to the leadership of Chairman Rangel and Chairman Baucus, I want to acknowledge the work of Senators Kerry and Levin and Representatives Neal and Doggett in support of a strong international tax enforcement agenda.”