Location: Room 106, Dirksen Senate Office BuildingOpen in New Window
The Permanent Subcommittee on Investigations hearing, "Dividend Tax Abuse: How Offshore Entities Dodge Taxes On U.S. Stock Dividends," examined how some financial institutions have designed, marketed, and implemented transactions to enable foreign taxpayers, including offshore hedge funds, to dodge millions of dollars of taxes on U.S. stock dividends. The hearing also examined whether current law relating to dividend taxation and withholding should be strengthened. The Subcommittee issued a Subcommittee staff report in conjunction with the hearing summarizing its investigative findings and recommendations. Witnesses included representatives of U.S. financial institutions, offshore hedge funds, a tax expert, and the Internal Revenue Service.
In conjunction with this hearing, the Subcommittee Staff issued a report entitled, "Dividend Tax Abuse: How Offshore Entities Dodge Taxes on U.S. Stock Dividends." The Report is available via the link located at the top left corner of this webpage.
REUVEN S. AVI-YONAHDownload Testimony (55k)Irwin I. Cohn Professor of LawUniversity of Michigan School of LawAnn Arbor, Michigan
JOSEPH M. MANOGUEDownload Testimony (694k)TreasurerMaverick Capital, Ltd.Dallas, Texas
RICHARD POTAPCHUKDownload Testimony (24k)Director of Treasury and FinanceHighbridge Capital Management LLCNew York, New York
GARY I. WOLFDownload Testimony (273k)Managing DirectorAngelo, Gordon & Co.New York, New York
JOHN DEROSADownload Testimony (313k)Managing Director, Global Tax DirectorLehman Brothers Inc.New York, New York
MATTHEW BERKEDownload Testimony (35k)Managing Director and Global Head of Equity Risk ManagementMorgan Stanley & Co.New York, New York
ANDREA LEUNGGlobal Head of Synthetic Equity FinanceDeutsche Bank AGNew York, New York
THE HONORABLE DOUGLAS H. SHULMANDownload Testimony (39k)CommissionerInternal Revenue ServiceWashington, D.C.