An inspiration for this bill was mitigating circumvention of the Magnitsky Act. Americans using shell companies may evade taxes. Foreign entities using shell companies may evade our counterintelligence.

Americans use incorporated entities to buy assets to limit their personal or corporate liability in operating businesses. This requires all of those to be queried for beneficial ownership - for what reason?

Anonymous Shell corporations is being used synonymously with legitimate holding companies because it markets the cause well - greater tracking on who owns what.

This is transparently the intent of the bill.

Btw - fun ‘spar.’ I respect your thinking, just disagree slightly

This is a general problem with the tax code. Fix what Apple does, which needs to be done anyway, and you don't have this problem.

> Foreign entities using shell companies may evade our counterintelligence.

Isn't a foreign counterintelligence service just going to list a straw man as the beneficial owner?