10 12 13 4 15 16 7 18 19 20 21 2 2B 24 25 26 a 28 29 30 31 32 33 34 35 36 37 38 39. 40 al 2 B 44 43 46 47 Honey | 2— Senator Meira SB. ABILL To eliminate and prohibit the use of offshore tax havens and the use of tax shelters to illegally avoid Federal taxation, and for other purposes. Re it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE, This act may be cited as the Tax Haven Act of 2015. SECTION 2. FINDINGS Congress hereby finds and declares that, 1) The revenue lost through offshore tax havens used by wealthy individuals and corporations cost the average ‘American taxpayer $1,000 and the average small business $3,000 in 2012. 2) Barbados accounts for $71 billion of the world tax havens alone. 3) The U.S. loses $100 billion in tax revenue each year from tax avoidance 4) Apple has paid almost no income taxes to any country on its $102 billion in offshore cash holdings. 5) U.S. multinational corporations are holding $1.9 trillion in profits offshore, out of reach of taxation by the U.S. government. ‘6) American companies reported earning 43 percent of overseas profits in five countries considered tax havens (Bermuda, Ireland, Luxembourg, the Netherlands and Switzerland) 7) American companies hire 4 percent of foreign workforce and make 7 percent off their foreign investments in those economies. 8) The Ugland House, located in the Cayman Islands —a well-known tax haven ~ is home to 18,857 corporate entities 9) Statistics Canada data shows Corporate Canada's cash in the world’s top ten tax havens has grown to $199 billion 10) 18 companies that reported $283 billion in profits offshore, most of whiich appear to be in tax havens, owed about $92 billion in U.S. taxes. 11) 83 of the top 100 publicly traded companies have subsidiaries in offshore tax havens. SECTION 3. STATUTORY LANGUAGE A) Corporate and individual taxpayers must have confidence that those who do not abide by the law will be identified and adequately punished. Those who defy the law or rig the system must face consequences. Companies to disclose in their public SEC filings basic country-by-country information including revenues, profits, and the number of employees. The current lack of this information impedes efficient tax administration by U.S. and foreign tax authorities. Companies to be taxed immediately, even while offshore. Require banks and brokers that discover through money laundering as long as the beneficial owner of a foreign account is a U.S. taxpayer to disclose that information to the IRS. B) Those who enforce the law need tools and resources to carry out this bill. Authorize the Treasury Secretary to take special measures against foreign jurisdictions or financial institutions that impede U.S. tax enforcement, close offshore tax loopholes, and increase penalties on tax shelter promoters. C) Under this bill, ifa trust or corporation is created in a tax haven jurisdiction, send assets and/or benefit from its actions, the Federal Government has the right to presume civil judicial and administrative proceeding you control the assets and that any income generated by itis your income for tax or money laundering purposes. Any who vilate the law will be fined. This bill establishes a $1 million penalty on public companies or their officers who fail to disclose foreign holdings therefore, not abiding by the law. Also, set aside funds for the justice department to pursue any financial fraud. To be enacted February 11, 2016.