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Levin: It's time to close the overseas tax haven loophole

The sun setting along a beach in the Cayman Islands
(Flickr ebatty)
The sun setting along a beach in the Cayman Islands

Michigan Senator Carl Levin says one way to reduce the nation’s federal budget deficit is to close loopholes in overseas tax havens.  Levin says offshore tax loopholes cost the federal treasury 100 billion dollars every year.   He says the complexity of the tax havens make them difficult to trace. 

“Creating a trust, which creates a phony corporation…down in the Cayman (Islands)….they then create another trust somewhere else…they then invest in a hedge fund in the United States….by the time you get to the fourth step….it’s very, very difficult for people…to understand these.”

This month, Levin introduced a bill to close international tax haven loopholes.   It’s the fifth time Levin has tried to close the tax loopholes. 

Overseas tax haven supporters say keeping the money out of the hands of politicians in Washington means there is more money available for business investment.

Steve Carmody has been a reporter for Michigan Public since 2005. Steve previously worked at public radio and television stations in Florida, Oklahoma and Kentucky, and also has extensive experience in commercial broadcasting.
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