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Special Report on

Stop Tax Haven Abuse Act

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WASHINGTON – Stating that “tax havens are engaged in economic warfare against the United States, and honest, hardworking Americans,” Sen. Carl Levin, D-Mich., Sen. Sheldon Whitehouse, D-RI, Sen. Claire McCaskill, D-Mo. and Sen. Bill Nelson, D-Fla., today introduced comprehensive legislation [PDF] to stop offshore tax haven and tax shelter abuses. A companion bill was introduced in the U.S. House of Representatives by over 40 Members led by Rep. Lloyd Doggett, D-Tex. and Rep. Rosa DeLauro, D-Conn. Offshore tax abuses cost the U.S. Treasury an estimated $100 billion each year in lost tax revenues, including $40-$70 billion from ...
since 1979. He has been Michigan's senior senator since 1995. He has served as a U.S. Senator longer than any other Senator in Michigan history. He was elected to a sixth term in 2008 which will end in January 2015.
Minn. J. Int'l L. Online » Blog Archive » The Stop Tax Haven Abuse ...
On March 2, 2009, Senator Levin introduced the Stop Tax Haven Abuse Act (the “Act”) in the Senate. Like its name implies, the goal of the Act is “[t]o restrict the use of offshore tax havens and abusive tax shelters . . . .” The Obama Administration fully supports the Act. Although the bill is currently in committee (as of Nov. 1, 2009), many speculate that the  legislation will pass in the current session. In the event of its passage, the Stop Tax Haven Abuse Act will fail to eliminate tax havens and foreign tax evasion. The Act is not geared  toward international cooperation. Instead, it uses a “name and shame” strategy, which ... market research, surveys and trends
Tax Justice Network: Obama and the Stop Tax Haven Abuse Act
TJN is a non-partisan organisation but we are greatly cheered by this morning's news from the United States. Congratulations to Barack Obama. Here's a reminder of one of Obama's existing projects: the February 2007 Stop Tax Haven Abuse Act . It is co-sponsored by Obama, his fellow Democrat Carl Levin, and the Republican Norm Coleman: as befits an initiative of this kind, it has bilateral support. TJN knows and likes some of the people who have been involved in creating the bill; it is a fine piece of work. (The press release is here; the floor statement by Senator Levin is here ; and the legislation itself is here market research, surveys and trends


03-02-2009 - Statement of Senator Carl Levin on Introducing the ...
America has been knocked flat on its back by the current financial crisis, but the American fighting spirit hasn’t given up. We are battling back. Congress recently passed an $800 billion recovery bill to jumpstart the economy with new jobs and investments. That $800 billion is on top of the $700 billion we set aside earlier to revive the credit markets and recapitalize the financial institutions that got us into this mess. Those steps weren’t easy to take and represent a lot of money going out the door. That’s why, today, I’m introducing the Stop Tax Haven Abuse Act , [PDF] along with Senators Whitehouse, McCaskill and ... industry trends, business articles and survey research
On The Hill: Legislation Would Combat Tax Haven Abuse; Obama ...
The introduction yesterday of legislation to "restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation" by Sen. Carl Levin (D-Mich.) represents a crucial step towards improving U.S. tax assessment and collection, and increasing transparency and accountability in the global financial system, according to an organization that supports the bill. The Stop Tax Haven Abuse Act is similar to a previous bill, S. 681, introduced by Levin in 2007 and cosponsored by then-Sen. Barack Obama with three significant new additions that would: (1) treat foreign corporations managed and ... industry trends, business articles and survey research
Neal bill on the backburner says US think tank director
The Neal bill still presents a very real and significant threat to Bermuda but the chances of it being passed this year have diminished considerably. That is the view of Eli Lehrer, national director of the centre on finance, insurance and real estate at US think tank The Heartland Institute, who was in Bermuda this week on a fact-finding mission, meeting with the Ministry of Finance and the organisation's donors. Mr. Lehrer told The Royal Gazette that the Island also needed to be wary of any anti-tax haven movement, but that it would ultimately be proven that it did not qualify as such. Mr. Lehrer said that the Neal bill, ... market trends, news research and surveys resources
Obama's new act will prove costly for City firms
ON 18 March 2010 President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act, creating far-reaching client identification and disclosure requirements for every City bank, financial institution, brokerage house and fund structure. While the act is intended to boost US employment through tax breaks for US businesses, it also contains revenue-raising provisions, which will give the IRS “new tools to find and prosecute US individuals that hide assets overseas”. These latter provisions will impact financial institutions across the globe. The HIRE Act is a quantum step beyond the Stop Tax Haven Abuse Act previously ... market trends, news research and surveys resources


Stop Tax Haven Abuse Act (S. 506 and H.R. 1265)
Mar 6, 2009 ... On March 2, 2009, Senator Carl Levin (D-Michigan) introduced the “Stop Tax Haven Abuse Act”. (S. 506). The next day, Congressman Lloyd ... technology research, surveys study and trend statistics
03-02-2009 - Summary of the Stop Tax Haven Abuse Act : Senator ...
Establishes rebuttable evidentiary presumptions in tax and securities legal proceedings for non publicly-traded entities located in Offshore Secrecy Jurisdictions. The presumptions are as follows: Control – In a tax proceeding, if a U.S. person (other than a publicly-traded corporation) directly or indirectly formed, transferred assets to, was a beneficiary of, had a beneficial interest in, or received assets from an Offshore Secrecy Jurisdiction entity (other than a publicly-traded corporation), it will be presumed that the person exercised control over the entity. Transfers of income – In a tax proceeding, any amount or thing ... technology research, surveys study and trend statistics
UBS Strikes a Deal: The Recent Impact of Weakened Bank Secrecy on ...
The Stop Tax Haven Abuse Act, recently re-introduced in the Senate by Senator Carl Levin, “would allow the United States to bar banks in this country from ...
AHHH THE CAMAN ISLANDS... the perfect tax haven island getaway don ...
...100 billion a year goes to this island tax haven of which is said 5% of these accounts belong to American businesses... they handle 18,000 companies of which they say it is not uncommon for businesses to register there and operate from another location... they claim the businesses bank there to keep from being taxed twice... and that taxes are paid when the companies pay their employees... Senator Levin proposes a policy that U.S. banks stop doing business with foreign banks that don't cooperate with the I.R.S. why not require American banks to disclose Off Shore activity to the I.R.S...? is it possible to freeze the ...
Where Does Obama Stand On The Capital Gains Tax? - Yahoo! Answers
I don't think he has researched the issue enough to have a specific figure he will raise it to, but he obviously wants to raise it. Asker's Rating: Asker's Comment: Typical of Obama-he does not have specifics on issues. Yes, he will raise taxes-someone has to pay for the Global Poverty Act (tax) which he sponsored. There are currently no comments for this question. * You must be logged into Answers to add comments. Sign in or Register . Obama stands on very shaky ground - on all issues. He leaves wide gaps and generalizes, so he can flip-flop without being called on it. It is the typical Obama way of being ...