Dem bill would require candidates, elected officials to disclose offshore accounts

Sens. Dick Durbin (D-Ill.) and Carl Levin (D-Mich.) blasted the use of tax havens on the Senate floor Wednesday.

The two men urged support of the Financial Disclosure to Reduce Tax Haven Abuse Act, which would require candidates for federal office, members of Congress and certain federal employees to disclose any financial interest they or their spouse hold in an offshore account.

“The American people might be surprised to know that we don’t already ask those running for office and Congress members whether they’re hiding money offshore,” Durbin said. “Without this bill the American people won’t know if a candidate is avoiding paying their fair share … which costs American taxpayers $100 billion a year.”

“There are only two reasons why a person has Swiss bank account,” Durbin said. “Number one: to hide their level of wealth … and two, if they think the Swiss franc is stronger than American dollar.”

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.

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