[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4172 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4172

To provide the same penalty rate for taxpayers who voluntarily disclose 
   unreported income from offshore accounts as was afforded Timothy 
Geithner with respect to his failure to pay self-employment taxes with 
   respect to his compensation from the International Monetary Fund.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2009

Mr. Carter (for himself, Mr. Westmoreland, and Mr. Burgess) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

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                                 A BILL


 
To provide the same penalty rate for taxpayers who voluntarily disclose 
   unreported income from offshore accounts as was afforded Timothy 
Geithner with respect to his failure to pay self-employment taxes with 
   respect to his compensation from the International Monetary Fund.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. ZERO PENALTY RATE FOR OFFSHORE VOLUNTARY DISCLOSURE PROGRAM.

    The penalty assessed under the Internal Revenue Service special 
voluntary disclosure program for unreported income from hidden offshore 
accounts shall not exceed the penalty imposed with respect to Timothy 
Geithner's failure to pay the tax imposed under section 1401 of the 
Internal Revenue Code of 1986 on his gross income derived from 
employment with the International Monetary Fund.
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