overseas tax haven

Derek DeVries / Grand Rapids Community College

U.S. Senator Carl Levin (D-MI) introduced legislation Thursday he says will close a number of tax loopholes. Levin sees the bill as part of a larger plan to reduce the federal deficit.

Levin says his bill would provide about $220 billion more in tax revenue over ten years.

(Flickr ebatty)

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.