Rep. Sander Levin (D-Mich.) says he’s working on legislation that would require any candidate for federal office to disclose the identity and value of any offshore financial interest he or she may possess.
The “Financial Disclosure to Reduce Tax Haven Abuse Act” is seemingly aimed directly at presumptive Republican presidential nominee Mitt Romney, who has yet to release detailed information about his personal holdings in the Cayman Islands, a notorious tax shelter used by wealthy individuals and corporations around the world.
The Obama campaign and other Democrats have aggressively beckoned Romney to disclose his offshore accounts, but the GOP standard-bearer says he won’t give in to political pressure to do so.
The measure, which would also require candidates to release ten years worth of tax returns, has support in the upper chamber, where Sens. Dick Durbin (D-Ill.) and Carl Levin (D-Mich.) have both endorsed it.
Click here to read more about the plan…