Congressional Democrats are set to announce Tuesday legislation aimed at squeezing more information from foreign banks and U.S. citizens with offshore accounts to ferret out tax evaders. The bill from Senate Finance Chairman Max Baucus (D., Mont.), and House Ways and Means Committee Chairman Charles Rangel (D., N.Y.), includes some of President Barack Obama's proposals to fight offshore tax cheating. According to a summary of the bill obtained by Dow Jones Newswires, it is expected to raise $8.5 billion for the U.S. government over 10 years. Foreign banks with U.S. customers would face a 30% withholding tax on income from...
