US launches new Stop Tax Haven Abuse Act
Senator Carl Levin proposes new act claiming tax havens are engaged in 'economic warfare' with US
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’.