Here is what Congresswoman Schakowsky had to say vocally in support of Carl Levin’s son of FATCA legislation:
I would hope that everyone would support this motion to instruct because I think you probably know that nothing annoys American taxpayers more than the notion that offshore tax havens is a place for tax cheats to go so that they don’t have to pay their taxes that normal Americans, everyday Americans, have to pay to the government.
This amendment will give the Treasury greater power to fight against offshore tax havens and tax cheats, that will allow the Treasury Department to take a range of measures against foreign governments and financial institutions that significantly stand in the way of U.S. tax enforcement.
These special measures already exist for Treasury in combating money laundering by foreign governments and banks, money that could be used to finance terrorist activities. Now Treasury will have greater power to investigate offshore tax abusers and tax abuses and crack down on offenders and banks that aid them.
For example, Treasury could prohibit U.S. banks from accepting wire transfers or honoring credit cards from banks found to significantly hinder U.S. tax enforcement.
Treasury can impose conditions on foreign banks and prohibit them from opening or maintaining bank accounts within the United States that are significantly standing in the way of U.S. tax enforcement. Enacting this amendment makes our tax system fairer and helps reduce the deficit.
This is a commonsense amendment that could raise nearly $1 billion to help tackle the Nation’s deficit and debt. The provision ends offshore tax abuses without raising any taxes, without creating any new obligations for Americans, and without amending the Tax Code. We need to crack down on foreign governments and foreign banks that help privileged individuals and corporations dodge taxes while the rest of Americans have to shoulder the extra tax burden. This amendment does that.