Levin said he had the support of Obama and US Treasury Secretary Timothy Geithner for a new bill that would make it "difficult if not impossible" for Americans to open accounts in offshore financial centers.
When will the U.S. government understand the reason rich people want to put money offshore is because of the punitive taxation system here in the U.S.? If the U.S. instituted the Fair Tax (and repealed the 16th amendment) money would gush into the U.S. economy. Even without the Fair Tax companies want to do business here. What would happen if they suddenly had no corporate income tax? There would be an economic explosion the likes of which have never been seen!!!
Instead, the U.S. wants to implement policies that thwart the achievers and producers at every step!