Exactly how much Uncle Sam loses when companies evade taxes through the use of tax havens is hard to pin down. A January 2013 report by the Congressional Research Service estimated that profit-shifting by U.S. firms might be cutting up to $90 billion from tax collections each year.
Senator Carl Levin recently introduced legislation aimed at stopping companies’ use (or abuse) of offshore tax havens. Going by the unwieldy title of “The Levin-Whitehouse-Begich-Shaheen Stop Tax Abuse” bill, or more simply, S.1533, the bill would close “a host of offshore corporate tax loopholes, make the tax code fairer for small business and families and provide part of the foundation for a balanced deficit-reduction package,” according to a release issued ...
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