Senate adopts offshore tax amendment

On March 8th, the Senate adopted the “Levin Amendment.”

Global Financial Integrity reports:

The amendment, sponsored by Senators Carl Levin (D-MI), Kent Conrad (D-ND) and Sheldon Whitehouse (D-RI), grants the U.S. Treasury Department “a discretionary tool to stop off-shore tax havens and their financial institutions that ‘impede U.S. tax enforcement’ from transacting business in the United States.”  The Joint Committee on Taxation estimates the provision would raise $900 million in government revenue over ten years.

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