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Sat July 16, 2011
Levin: It's time to close the overseas tax haven loophole
Michigan Senator Carl Levin says one way to reduce the nation’s federal budget deficit is to close loopholes in overseas tax havens. Levin says offshore tax loopholes cost the federal treasury 100 billion dollars every year. He says the complexity of the tax havens make them difficult to trace.
“Creating a trust, which creates a phony corporation…down in the Cayman (Islands)….they then create another trust somewhere else…they then invest in a hedge fund in the United States….by the time you get to the fourth step….it’s very, very difficult for people…to understand these.”
This month, Levin introduced a bill to close international tax haven loopholes. It’s the fifth time Levin has tried to close the tax loopholes.
Overseas tax haven supporters say keeping the money out of the hands of politicians in Washington means there is more money available for business investment.