US launches new Stop Tax Haven Abuse Act

Anti-tax haven senator Carl Levin has launched a new and strengthened Stop
Tax Haven Abuse Act and speculation has already begun that, with Obama as
president, this time the proposals will find their way into law.

Levin is reported as saying that tax havens are engaged in ‘economic warfare’
against the US and they undermine the integrity of the US tax system, according

Levin’s previous effort in this area, launched in 2007, failed under a
Republican president. Obama was on record supporting the previous act.

Measures in the new act would include giving the Treasury the power to take
‘special measures’ against overseas jurisdictions and stiffen the penalties for
‘tax haven promoters’.

Further reading:

and Germany reignite tax haven debate

Dems call for tax haven probe

Related reading

Life Belt with Computer Folders