http://www.politico.com/blogs/glennthrush/1009/Rangel_introduces_offshore_
taxcheat_bill.html

Every tax bill introduced by House Ways and Means Chairman Charles Rangel
(D-NY) is getting the once-over from the GOP, so it's no surprise they
took note of a bill, introduced by Rangel and Senate Finance Committee
Chairman Max Baucus (D-Mont.) cracking down on offshore tax cheats.

The “Foreign Account Tax Compliance Act of 2009” -- introduced by Baucus
and Rangel in conjunction with the Obama administration -- would mandate
Individuals with offshore accounts provide details and list them on tax
returns. Rules governing trusts would be "significantly strengthened" to
prevent the true beneficiaries from hiding front entities.

“This bill offers foreign banks a simple choice – if you wish to access
our capital markets, you have to report on U.S. account holders,” said
Rangel, in a statement posted on the committee's homepage. “I am confident
that most banks will do the right thing and help to make bank secrecy
practices a thing of the past.”

Rangel has never been accused of committing any of the tax shelter
shenanigans the bill targets, but he has admitted to underreporting assets
on his House financial disclosure forms and reportedly failed to document
income from a condo he owns in the Dominican Republic.

And that prompted this response from a National Republican Congressional
Committee spokesman Tory Mazzola: “Is tax-cheat Charlie Rangel really the
best watchdog?... Maybe it’s because he knows where the loopholes are.
He’s taken ‘do as I say not as I do’ to an embarrassing new low.”


--
Nancy Pelosi, Democrat criminal, accessory before and after the fact to
Rangel's tax evasion.