Senate Dem Pitches Tax Haven Abuse Bill As Deficit Reduction

[FreakinDJ]

Senate Dem Pitches Tax Haven Abuse Bill As Deficit Reduction

To the ongoing Capitol Hill choruses of "tax the rich" and "tax the poor," Sen. Carl Levin (D-Mich.) offered a third option on Tuesday: "Tax the cheats."

Levin is hoping that Washington's deficit fever will give his perennial proposal to stop offshore tax haven abuses the impetus it hasn't had the last four times he introduced it.

The basic fairness aspects of the bill "will get it to the goal line," Levin said at a press conference where he unveiled his Stop Tax Haven Abuse Act. The focus on deficit reduction in Washington will "take it over the goal line," he said.

The Senate's Permanent Subcommittee on Investigations, which Levin chairs, has calculated that offshore tax abuses cost the Treasury $100 billion a year in lost revenue, or about $1 trillion over the course of a decade

http://www.huffingtonpost.com/2011/07/12/tax-havens-senate_n_895795.html

[Frustratedlady]

1. Go for it. Wasn't the IRS going after some of these cheats? What happened?

It sounds like a giant sucking sound and its probably loaded with Republicans, to boot. They either have loopholes they can't live without, or they have their favorite island to hide their million$.

[FreakinDJ]

2. Audits for some of the worst

but by no means is it slowing down the $60 Billion annually in abuses of just "One" of the Tax LoopHoles