Bill Would End Island Vacations for Corporate Taxes
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A Senate bill introduced this week would prevent some of the worst tax dodging tactics by corporations that use offshore tax havens and also raise about $155 billion in additional revenue over 10 years.
Chief sponsor Sen. Carl Levin (D-Mich.) says, “Overwhelmingly, Americans tell us: Close those loopholes down.”
Among other provisions, the bill (S. 2075), known as the CUT Loopholes Act, would:
- Give the U.S. Treasury Department the authority to combat tax haven banks and jurisdictions that help U.S. clients hide assets and dodge U.S. taxes;
- Crack down on offshore corporations that are managed from the United States from claiming foreign status to dodge taxes; and
- Eliminate tax incentives for moving U.S. jobs overseas or for transferring intellectual property offshore. Read the rest of this entry »
David vs. Goliath: The Fight Begins for Reform of the Financial Industry
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Most Americans want strong regulation of our nation’s financial markets, according to a poll released today by Americans for Financial Reform (AFR), a coalition of nearly 200 investors and civil rights and community organizations.
The poll, conducted by Lake Research Partners, surveyed 900 likely voters in 77 “Blue Dog” or conservative Democratic districts and those in politically competitive Democratic districts.
More than two-thirds of voters in all the districts support creating the Consumer Financial Protection Agency (CFPA) to “create and enforce a strong set of rules to require fair, affordable, understandable and transparent financial products like bank loans, mortgages and credit cards for families and small businesses.”
When asked if there was too much, too little or just the right amount of regulation of banks, the stock market and credit card companies, voters agreed, by a 23-point margin, there’s too little rather than too much regulation.
