Now that Obama No Longer Gives A Fuck!

[JackLuis]

Treasury Department preparing new rules to clamp down on tax-avoiding shell companies

In the fading glow of his Presidency Obama's Treasury Department gets "Progressive".

The U.S. Treasury department is preparing new rules to counter the use of shell companies to evade taxes, U.S. Treasury Secretary Jack Lew said Saturday. Lew made the statement to the International Monetary Fund's (IMF) steering committee amid increased scrutiny by global watchdogs in the wake of the Panama Papers leak.

The U.S. Treasury is close to releasing a rule that would require banks to identify if any of the beneficial owners of new customers are companies, Lew said.

In addition, the rule would reportedly require beneficial owners of single-member limited liability companies to identify themselves to the Internal Revenue Service.

The move would close a loophole that has been exploited to hide assets and illicit financial activities, according to Lew's statement.

So it''s just a feint to scare the 1%, they will never actually do this.