Sen Levin Introduces Cut Unjustified Tax Loopholes Act as Amendment to Transportation Bill

On February 27, 2012, Senator Karl Levin introduced as an amendment to the transportation bill the Cut Unjustified Tax Loopholes Act.

Introduced as SA 1741,. Sen.  Levin (for himself and Sen. Conrad) submitted the  amendment intended to be proposed to the bill S. 1813, to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes; which was ordered to lie on the table; as follows:

Initially introduced on February 7, 2012, as S. 2075 by Sen Carl Levin (D-Mich), and  co-sponsored with Senator Kent Conrad (D-N. Dakota, the Cut Unjustified Tax Loopholes Act has the purpose of closing tax loopholes and would supposedly yield at least $155 billion in deficit reduction over 10 years.).  Sen. Levin  said the U.S. could not afford "to use taxpayer dollars to subsidize offshore schemes and loopholes.

Title I focuses on tax enforcement and in particular “ending offshore tax abuses”.  It would

    “Authorize special measures to stop offshore tax abuse (§101) by allowing Treasury to take specified steps against foreign jurisdictions or financial institutions that impede U.S. tax enforcement, including prohibiting U.S. financial institutions from doing business with a designated foreign jurisdiction or foreign bank.
    Strengthen FATCA (§102) by clarifying when, under the Foreign Account Tax Compliance Act, foreign financial institutions and U.S. persons must report foreign financial accounts to the IRS.
    Establish rebuttable presumptions to combat offshore secrecy (§102) in U.S. tax and securities law enforcement proceedings by treating non-publicly traded offshore entities as controlled by the U.S. taxpayer who formed them, sent them assets, received assets from them, or benefited from them when those entities have accounts or assets in non-FATCA institutions, unless the taxpayer proves otherwise. “

Other provisions of the bill require anti-money laundering of corporate formation agents and would require bank and financial regulatory examiners to add tax compliance to the list of items for which it examines banks and financial institutions..

Sen. Levin has tried to attach the amendment even though there has been no action on  the bill yet after its introduction on Feb. 7.

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