Sen. Levin seeks to close tax-haven loophole

The offshore tax-haven loophole could be getting a lot smaller if Sen. Carl Levin, D-Mich., has his way.
MAR 03, 2009
By  Bloomberg
The offshore tax-haven loophole could be getting a lot smaller if Sen. Carl Levin, D-Mich., has his way. According to published reports, he is sponsoring a bill that would expand on one co-sponsored last year by then-Illinois Sen. Barack Obama to reduce tax-avoidance strategies that prevent the federal government from collecting an estimated $100 billion in annual taxes. Mr. Levin told Reuters News Service that when Americans use places like Switzerland and the Cayman Islands as tax shelters, it is “undermining the integrity of our tax system.” According to Reuters, the legislation being reintroduced by Mr. Levin would provide greater federal authority to pursue tax evaders in offshore locations.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound