Sen. Levin Wants Offshore Tax Loopholes Cut

Law360, New York (September 20, 2013, 1:57 PM EDT) -- U.S. Sen. Carl Levin, D-Mich., on Thursday unveiled legislation aimed at stopping offshore tax-avoidance efforts that he says drain the U.S. treasury of nearly $150 billion yearly.

Levin's Stop Tax Haven Abuse Act would treat offshore corporations that are primarily controlled from the U.S. as domestic corporations for tax purposes and include stronger disclosure requirements for offshore accounts, and he says the measure could be used to break the nation's budget deficit problem and eliminate sequestration cuts.

On the Senate floor, Levin said that widening deficits...
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