U.S. Senator Carl Levin said the congressional focus on reducing the federal budget deficit should enhance the chances for passage of legislation to crack down on offshore tax havens.
Improving offshore tax enforcement would allow the U.S. Treasury to recoup a significant chunk of an estimated $100 billion in revenue that Levin said is lost annually to "offshore trickery and tax shelter abuses." He made the remarks today at a press briefing unveiling the legislation.
Levin, a Michigan Democrat, heads the Senate Permanent Subcommittee on Investigations, which has examined offshore transactions for the past decade. He has introduced similar legislation in four previous congressional sessions.
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