Daily Tax Update - July 18, 2012: Levin Bill Would Require 10 Years of Tax Return Disclosure by Presidential Candidates

LEVIN BILL WOULD REQUIRE 10 YEARS OF TAX RETURN DISCLOSURE BY PRESIDENTIAL CANDIDATES:  House Ways and Means Member Rep. Sandy Levin (D-MI) said that he plans to introduce legislation requiring all presidential candidates to release a decade of their tax returns.  Levin said, "For decades, presidential candidates have voluntarily provided a thorough accounting of their tax returns and finances, as they should.  But we clearly cannot continue to rely solely on the willingness of a candidate to disclose fully what the public has a right to know about the candidate’s financial record."

  • According to Levin, "In general terms, the legislation would require the candidate to also disclose:
    • The location (country), value, and economic purpose of each offshore account, holding or investment of the candidate (other than investments in publicly traded corporations). 
    • The portion of the candidate's capital gains income attributable to an investment of the candidate’s capital and the portion that is earned by managing other people’s money (i.e. carried interest income).
    • Details of any ongoing compensatory arrangement between the candidate and any other individual or entity.
    • More comprehensive disclosure of assets, including purchases and sales of assets, held by tax preferred accounts such as IRAs and 401(k) plans. 
    • Details of the assets and activities of any entity in which the candidate has a controlling interest."
  • Today, House Speaker John Boehner said, "Listen, listen, Americans are asking, where are the jobs?  They’re not asking where . . . the tax returns are."  Boehner added, "This is another sideshow intended to draw the American people’s attention away from the real issue, and the real issue is that the president’s economic policies have failed.  They’ve actually made things worse."  Boehner added, "It is not about the tax returns.  It's about the economy.  The American people vote with their wallet."

TAX BILL INTRODUCED JULY 17TH:
S.3393: A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.
Sponsor: Sen Reid, Harry [NV] (introduced 7/17/2012)   Cosponsors (None)
Latest Major Action: 7/17/2012 Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE: 
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

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