The Kentucky libertarian, defying business interests that favor the agreements, cited concerns the treaties would allow more inter-government sharing of financial information on citizens. The United States has tax treaties with more than 60 countries, ranging from China to Kyrgyzstan. Their main purpose is to prevent double-taxation of corporate profits.
- No new tax treaties or treaty updates have been approved by the Senate since 2010, when Paul was first elected on a wave of support from supporters of the Tea Party movement.
- Before Paul's election, tax treaties were routinely approved by the Senate.
Under the New Treaties, Foreign Governments intent on Combating Tax Avoidance could Too Easily Access
Americans' Personal Tax Information, Paul said. "We can't forget about the innocent Americans who are not breaking the law and do have a right to privacy," Paul said, adding that he wants the treaties rewritten to eliminate information-sharing provisions.
Under Senate rules, one senator can place a "hold" on a motion for a vote, preventing it from reaching the Senate floor.
Earlier this year, the Senate Foreign Relations Committee approved the five tax treaties with:
- Chile,
- Hungary,
- Switzerland,
- Luxembourg and
- the Organisation for Economic Co-operation and Development.
Senate approval is needed for them to take effect. Business lobbyists said that Senate Democrats likely would continue to bring up the tax treaties for debate to draw attention to Paul's objections.
In debate on the Senate floor, Democratic Senator Benjamin Cardin said food-maker McCormick & Co Inc has been hurt by the Senate's inaction on the treaties.
Now Republican and Democratic lawmakers vowed on October 28, 2015 to push for the ratification of eight tax treaties which have been held up for years because of one Republican senator's objections, despite support from companies that want consistency in rules for how to do international business.
objects to the agreements for privacy reasons, saying they would allow more inter-governmental sharing of financial information on citizens.
"The Treaties Don't Grant Access
to Taxpayer Records that are Beyond
What are Provided in U.S. law,"
said Thomas Barthold, chief of staff of the government's Joint Committee on Taxation.
October 28, 2015's hearing discussed tax treaties with Switzerland, Luxembourg, Hungary, Chile, Spain, Poland and Japan and the international convention on mutual assistance on tax matters.
Paul, who is running for his party's nomination in the 2016 presidential election, delayed by several hours the chamber's vote on a major budget deal negotiated by congressional leaders and the White House, which he sees as doing too little to control spending.
No new tax treaties or treaty updates have been approved by the Senate since 2010, when Paul was first elected on a wave of support from supporters of the Tea Party movement. Before Paul's election, tax treaties were routinely approved by the Senate.
US taxpayers who have undeclared accounts in Credit Suisse or other Swiss banks, may now want to consider applying for the US Offshore Voluntary Disclosure Program (OVDP), which sets a limit to the penalties imposed on them by the Internal Revenue Service (IRS) for failing to declare foreign assets and earnings.
Once either:
- The Swiss Banks disclose an account holder's name to the IRS under the non prosecution agreement or
- Mr. Andreas Bachmann or Josef Dorig or Markus Walder or Susanne Ruegg-Meier or Roger Schaerer discloses an account holder's name to the IRS or
- Any 1 of the other 11 Credit Suisse Bankers, who were indicted in 2011 along with Mr. Dorig, discloses an account holder's name to the IRS
the OVDP election is no longer available to that account holder!!!
Taxpayers Who Wish To Take Advantage
Of The OVDP Must Act Quickly!
Have Un-Reported Income From a Swiss Bank?
Value Your Freedom?
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax Consultation Contact US at
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