The legislation is likely targeted at GOP presidential candidate Mitt Romney, whom Democrats have hammered after a report last week detailed offshore accounts he holds. The Obama campaign and Democrats have pressured Romney to release additional tax returns, allowing greater public scruntiy of his finances. Romney's campaign says the GOP's presumptive nominee never used these accounts to evade paying U.S. taxes.

Levin, however, said the bill was not about the presidential campaign.

“This is not about a political campaign. This is about years of efforts to make visible those who short change their fellow citizens by concealing their finances abroad and to argue for reforms to make our tax system more fair for the vast majority of hard working Americans who pay what they owe,” Levin said.

Rep. Sandy Levin (Mich.), the top Democrat on the House Ways and Means Committee, said Wednesday he would also soon offer legislation requiring presidential candidates to disclose 10 years of their tax returns.

Romney has released returns from 2010 and an estimate of his 2011 taxes, dismissing calls to share more records.