In my last column I recounted a recent sleepless night in which I reviewed President Obama’s revenue proposals for the 2011 budget, in a dense document with the picturesque name of the Greenbook . I focused on the Treasury’s proposals to “Combat Under-Reporting of Income on Accounts and Entities in Offshore Jurisdictions.” And I described these proposals as sort of a root canal, but on your money, not your mouth. Here’s a summary of the remaining proposals in the Greenbook along these lines: “Extend Statute of Limitations for Significant Omission of Income Attributable to Foreign Financial Assets.” This proposal is similar to a provision in H.R. [...]
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