U.S. Senate bill targets Offshore Tax "trickery"

[FreakinDJ]

U.S. Senate bill targets offshore tax "trickery"

U.S. multinational corporations would have to report financial results on a country-by-country basis, potentially revealing much about their offshore tax and accounting practices, under legislation introduced in the Senate on Tuesday.

Saying that offshore tax abuses cost the government $100 billion a year in lost revenue, Democratic Senator Carl Levin said his bill would additionally close a loophole that allows credit default swap payments to escape taxation if sent from the United States to persons offshore.

"People are sick and tired of tax dodgers using offshore trickery and abusive tax shelters to avoid paying their fair share," Levin said in a statement. His bill, one in a series he has offered in recent years, has five Senate co-sponsors.

"This bill offers powerful new tools to combat offshore and tax shelter abuses, raise revenues and eliminate incentives to send U.S. profits and jobs offshore," he said.

http://www.reuters.com/article/2011/07/12/usa-tax-levin-idUSN1E76B1WN20110712

[pinto]

1. Kick

:kick:

[bluesmail]

2. Double Kick.

[jimmyflint]

3. Good, step one, track them,

step two, tax the hell out of them.

[OhioChick]

4. +1 n/t