Senators Introduce Tax Loophole Bill

Senator Carl Levin (D-Mich) has introduced a bill into the U.S. Senate to close several loopholes in the U.S. tax code.  The bill, titled the "Cut Unjustified Tax Loopholes Act," intends to close loopholes that allow for U.S. taxpayers to avoid paying taxes through the use of offshore tax havens and other mechanisms.  Corporations are also targeted, and would no longer be able to claim foreign status if they are operated from in the United States.  The intention of the legislation is to raise revenue for the federal government and make it more difficult for corporations to pay lower tax rates by moving operations abroad.

The bill is modeled on Senator Levin's previous effort against so-called tax loopholes, the "Stop Tax Haven Abuse Act."

For the complete text of the bill, click here.

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