Senators Introduce Bill to Stop Offshore Tax Havens

July 13th, 2011

Accounting Today

WASHINGTON, DC – Sen. Carl Levin, D-Mich., and several other senators have introduced a bill to close offshore tax loopholes and strengthen offshore tax enforcement.

The “Stop Tax Haven Abuse Act” builds upon earlier bills that Levin has introduced in past congressional terms, and is a product of the investigative work of the Permanent Subcommittee on Investigations, which Levin chairs (see Senate Probes Offshore Dividend Tax Dodges). Over the years, the subcommittee has conducted multiple inquiries into offshore abuses, including the use of offshore corporations and trusts to hide assets, the use of tax haven banks to set up secret accounts, and the use of U.S. bankers, lawyers, accountants and other professionals to devise and conduct abusive tax shelters.

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