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

Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler
Barred ex-Merrill Lynch advisor arrested in alleged $2.6M theft of former Miami Dolphin Pro Bowler

Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.

RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut
RIA moves: Modern Wealth tops $8.5B AUM as Aspen expands in Connecticut

Modern Wealth's latest deal for a California-based fee-only RIA marks its fourth acquisition of 2025.

Empower defends private market access in 401(k)s in response to Warren scrutiny
Empower defends private market access in 401(k)s in response to Warren scrutiny

Sen. Warren has warned of private market investment risks due to opacity, illiquidity, and past regulatory issues.

AI is gaining traction with buy-side equity traders and may be an unstoppable force
AI is gaining traction with buy-side equity traders and may be an unstoppable force

Use of the technology is growing and asset managers see transformative benefits.

One fifth of Americans are expecting an inheritance but are too many relying on it?
One fifth of Americans are expecting an inheritance but are too many relying on it?

Research reveals expectation could be replaced by disappointment.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.