Senators Set Sights On Overseas Tax Havens

[creeksneakers2]

Three senators proposed legislation that would target what they say is $100 billion a year in tax revenue lost each year because of overseas tax havens, in part by forcing hedge funds to track their foreign investors.

The measure would impose tougher requirements on U.S. taxpayers using offshore secrecy jurisdictions, give the U.S. Treasury the authority to take action against foreign jurisdictions that impede tax enforcement, stiffen penalties against abusers and close offshore trust loopholes, according to a summary of the bill released by Michigan Democrat Carl M. Levin.


http://www.washingtonpost.com/wp-dyn/content/article/2007/02/17/AR2007021701324.html

[halobeam]

1. Other than Levin, do we know who the other two are?

I didn't see their names. I also wonder why in the hell they aren't mentioning legislating incentives for the companies that stay here in the US. This is imperative. If they make out better staying here, then they will. It's really simple. Gees, this makes me crazy. Don't get me wrong, I'm glad to hear this, but right along with it should be incentives for the US companies that stay here.

[creeksneakers2]

3. The other two are

Norm Coleman R MN
Barack Obama D IL

[SharonAnn]

7. Wow! Norm Coleman did something I agree with!

[Booster]

2. I hope the enact a law that states "no government contracts to

companies that use these tax havens." That just bites my butt everytime I think of it - course I'm thinking of Halliburton, but there are many others.

[yellerpup]

6. Good idea! n/t

[Solo_in_MD]

4. Article would indicate that they are going after tax avoidance as well as tax evasion

The former is legal, the latter is not, which makes the lanuage about patents quite interesting.

Tax avoidance schemes often take advantage of tax breaks given for reasons often associated with social engineering (R&D tax credits, capital investment credits, home ownership), often referred to as the law of unintended consequences. Tampering with them can often bring more unintended consequences.

[ftr23532]

5. Levin has been doing great work on this front for years

Tax evasion and money-laundering two http://fortherecordessays.blogspot.com/2006/11/part-10-look-at-world-of-money_11.html">very big problem.

[cyberpj]

8. It's about freakin' time! K&R! nt