Senator Levin's Record - Federal Budget and Fiscal Policy
- Feb. 7, 2012 – Sens. Levin, Conrad introduce CUT Loopholes Act
Sen. Levin and Sen. Kent Conrad introduce the Cut Unjustified Tax Loopholes Act, which would close a number of tax loopholes that increase the deficit and the tax burden carried by middle-class Americans by allowing individuals and corporations to dodge the taxes they owe.
- March 26, 2012 – Sen. Levin calls missile defenses key to U.S. defense strategy
Addressing a major missile defense conference, Sen. Levin says missile defenses hold "a place of growing importance to our national security" and can help deter nations such as Iran from endangering global security.
- March 14, 2012 – Senate supports Sen. Levin’s approach on harbor maintenance
Sen. Levin welcomes Senate adoption of a “sense of the Senate” resolution calling on Congress to address the growing backlog of maintenance needs at the nation’s harbors, including Great Lakes harbors. The resolution, while not legally binding, adopts the approach contained in Sen. Levin’s Harbor Maintenance Act.
- March 8, 2012 – Levin-Conrad amendment cracks down on offshore tax loopholes
The Senate adopts an amendment offered by Sen. Levin, Sen. Kent Conrad and Sen. Sheldon Whitehouse that adds important new tools to the fight against offshore tax abuses that increase the budget deficit and disadvantage middle-class taxpayers.
- Feb. 29, 2012 – Levin speaks out against ‘Facebook loophole’
In a speech on the Senate floor, Sen. Levin outlines how Facebook will avoid billions of dollars in corporate taxes using a loophole related to the granting of stock options to employees. Levin has long sought the closing of this stock-option loophole to reduce the budget deficit.
- Feb. 24, 2012 – Levin presses Postal Service on proposed Michigan cuts
In a letter to the Postmaster General, Sen. Levin seeks justification for the proposed closings of several Michigan facilities after Michigan residents raise important questions in public hearings.
- Feb. 17, 2012 – Sen. Levin supports extension of middle-class tax relief
The Senate passes legislation supported by Sen. Levin to extend for a full year a cut in federal payroll taxes and extending emergency unemployment benefits. Sen. Levin calls the extension "important tax relief that is focused on middle-class families who have suffered greatly during the Great Recession."
- Feb. 15, 2012 – Sen. Levin receives Center for National Interest Distinguished Service Award
Sen. Levin receives the Distinguished Service Award from the Center for the National Interest, a nonpartisan national security think tank. In remarks to the awards dinner, he calls for a return to Michigan Sen. Arthur Vandenberg’s philosophy of bipartisanship, seeking "national security ahead of partisan advantage."
- Feb. 7, 2012 – Levin helps secure funding for Michigan harbors
Sen. Levin welcomes an Army Corps of Engineers decision to provide additional funding for harbor dredging at Holland, St. Joseph, Manistee and the Saginaw and St. Marys rivers in Michigan. The decision comes after Levin wrote to Army officials outlining urgent needs at Michigan harbors.
- Feb. 6, 2012 – Levin supports final passage of FAA reauthorization
With Sen. Levin’s support, the Senate approves a bill to reauthorize Federal Aviation Administration programs. The bill will support airport improvements in Michigan and across the country, and it continues the Essential Air Service Program, which helps provide commercial air service to eight Michigan airports.
- Jan. 23, 2012 -- Levin introduces bill to close tax loophole
Sen. Levin introduces the Closing the Derivatives Blended Rate Loophole Act, which would end a tax loophole that adds to the deficit and subsidizes short-term trading in complex financial derivatives.
- Dec. 17, 2011 – Levin votes to continue payroll tax relief, but says measure falls short
Sen. Levin votes for legislation to prevent an end to payroll tax relief and emergency unemployment benefits, saying the bill is misguided in several ways but that the extensions are vitally important.
- Dec. 14, 2011 – Levin report shows ‘offshore’ corporate funds are in U.S.
Sen. Levin releases a Permanent Subcommittee on Investigations report showing that large multinational corporations who say they have funds “trapped” overseas because of U.S. tax laws already have large amounts in U.S. bank accounts and other U.S. investments. The report undercuts a major rationale of those lobbying for a “repatriation holiday” that would give corporations a huge tax break if they repatriate offshore funds.
- Nov. 21, 2011 – Levin says “supercommittee” failure shows need for compromise
In a statement after the co-chairs of the Joint Select Committee on Deficit Reduction announce that they have failed to reach agreement by their statutory deadline, Sen. Levin issues a statement renewing his call for balanced deficit reduction that includes revenue as well as spending cuts and says members of Congress must compromise to avoid the devastating automatic cuts that will take effect if there is no bipartisan agreement.
- Nov. 8, 2011 -- Hearing exposes counterfeit parts in defense supply system
Sen. Levin holds a hearing on the Armed Services Committee’s bipartisan investigation into counterfeit electronic parts in the defense supply chain. The investigation finds 1,800 cases of such counterfeits, tracks 100 of those cases to the source, and finds China is the source of more than 70 cases. Levin and Sen. John McCain of Arizona, the committee’s ranking member, call for legislation to strengthen military and contractor efforts to stop counterfeits and to combat the trade of counterfeit parts from China.
- Oct. 14, 2011 – Levin makes recommendations to deficit committee
Sen. Levin, as chairman of the Armed Services Committee, sends a set of deficit reduction recommendations to the Joint Select Committee on Deficit Reduction. Levin recommends against further cuts in discretionary military spending such as weapons modernization, citing deep cuts already in place. He recommends the committee consider establishing a commission to examine all areas of military compensation.
- Oct. 10, 2011 – Levin report finds repatriation tax holiday failed to create jobs
Sen. Levin releases a report by the Permanent Subcommittee on Investigations that raises serious questions about proposals to give multinational corporations a “repatriation tax holiday” that would cut taxes on revenue brought back to the United States from overseas. The report finds that a previous holiday, in 2004, did not succeed in creating jobs or boosting investment, and that companies that took advantage of the tax holiday increased stock repurchases and executive compensation despite legal prohibitions against using repatriated funds for such purposes.
- October 7, 2011 - Permanent Subcommittee on Investigations releases GAO report on tax treaties
The Permanent Subcommittee on Investigations, chaired by Sen. Levin, released a report it commissioned by the Government Accountability Office (GAO) that reveals a mixed record on the use of tax treaties to combat offshore tax abuse.
- September 15, 2011 - Levin statement on 2011 IRS voluntary disclosure program
Sen. Levin said the IRS announcement that 30,000 offshore tax evaders voluntarily disclosed their status shows "How rampant offshore tax abuse is. Congress could do a lot more to stop offshore tax cheats who are costing this country an estimated $100 billion each year."
- July 20, 2011 - Levin-Begich bill would modernize tax lien filings
Sen. Levin and Sen. Mark Begich of Alaska introduce a bill that would modernize the federal tax lien system by moving it from paper-based filings in local recording offices to electronic filings on a national tax lien registry accessible through the Internet. This move would save taxpayers $150 million over the next ten years.
- July 14, 2011 - Levin-Brown bill seeks to close corporate tax loophole
Sen. Levin and Sen. Sherrod Brown of Ohio introduce a bill to end the federal tax break that gives special tax treatment to corporations that pay their executives with stock options. The Ending Excessive Corporate Deductions for Stock Options Act would reduce the budget deficit by $25 billion over 10 years by ending what amounts to a federal subsidy for executive pay.
- July 12, 2011 -- Levin bill would rein in offshore tax havens
Sen. Levin introduces his Stop Tax Haven Abuse Act, which includes powerful new tools to combat offshore and tax shelter abuses, raise revenues, and eliminate incentives to send U.S. profits and jobs offshore. The bill seeks to end an estimated $100 billion a year in tax revenue lost to abusive offshore tax shelters.
- Dec. 21, 2010 - Ship contract brings jobs, saves money
Sen. Levin leads the effort for Senate passage of legislation approving the Navy's plan to use two shipyards -- including Marinette Marine on the Michigan-Wisconsin border. The agreement to use both shipyards means the ships will be delivered to the Navy more quickly, and at less expense to the taxpayer, and it means thousands of jobs for Michigan workers.
- Dec. 13, 2010 - Sen. Levin votes against extending tax cuts for the wealthy
Sen. Levin votes against legislation that maintains tax cuts for the wealthiest Americans because the legislation would exacerbate our national debt problem.
- July 2009 - Sen. Levin helps end F-22 program
Sen. Levin leads a bipartisan effort to terminate the Air Force’s F-22 fighter program, an expensive weapons system that military leaders said was diverting funding from higher priorities.
- May 2009 - Levin leads effort to rein in Pentagon costs
President Obama signs the Weapon Systems Acquisition Reform Act, co-authored by Sen. Levin and Sen. John McCain of Arizona, bipartisan legislation addressing cost overruns and poor performance in major Pentagon acquisition programs.
- May 3, 2007 -- Bill would recover unpaid taxes from Medicare doctors
Sen. Levin and Sen. Norm Coleman of Minnesota introduce legislation that seeks to recover unpaid taxes from the estimated 21,000 health care providers receiving Medicaid payments who have failed to pay taxes. A Permanent Subcommittee on Investigations probe led by Levin and Coleman found an estimated $1.3 billion in unpaid taxes from providers receiving Medicare payments.
- Feb. 17, 2007 - Bipartisan bill seeks to end tax haven abuses
Sen. Levin, Sen. Norm Coleman of Minnesota and Sen. Barack Obama of Illinous introduce the Stop Tax Haven Abuse Act, a bill to end abusive off-shore tax havens that deprive the U.S. Treasury billions of dollars a year, a loss that increases the tax burden on honest taxpayers.