January 2012 Newsletter
Recently, Sen. Levin wrote that job growth and balanced deficit reduction are the two biggest priorities for 2012; issued a report finding that multinational corporations are dodging taxes on billions of dollars in funds that they hold in the United States; voted to prevent a tax increase on American working families; welcomed the Army's top officer to Southeast Michigan to discuss defense work happening in Michigan; fought for an important federal investment in science at Michigan State University; and laid out the facts on anti-terrorism provisions contained in new national security legislation.
Task for New Year: More jobs, lower deficit
"The past year has been an unusually challenging and stressful one for our nation and for Michigan. As we look forward to 2012, I'd like to share with you my thoughts about a tough year just completed and about the year to come. Twin challenges in 2011 - the need to grow the economy and to reduce the deficit - dominated 2011 and will demand our attention again this year."
Corporations hold billions in U.S., avoid taxes
Sen. Levin, as chairman of the Senate Permanent Subcommittee on Investigations, released a new report showing that billions of dollars that multinational corporations report as being held offshore for tax purposes are actually held in U.S. bank accounts and other assets. The data raised new questions about proposals to give companies a special tax break for money returned to the United States from overseas. Sen. Levin said these companies "are taking full advantage of the safety and security of the U.S. financial system to protect their money while paying no U.S. taxes on those funds to support the U.S. system."
More news from Senator Levin
- Sen. Levin released a new summary of provisions on detention of terror suspects contained in the National Defense Authorization Act for 2012 and explained that many public criticisms of the bill are "simply wrong."
- He voted for legislation to prevent a tax increase on nearly every American family and to expend unemployment insurance, but he said the legislation failed to fully address the needs of Americans.
- He welcomed Army Chief of Staff Gen. Ray Odierno to Michigan to see the state's role in research and development of the vehicles that help keep our troops safe and defend the nation.
- He said it would be "unconscionable" for the federal government to fail to live up to its commitments to build the Facility for Rare Isotope Beams at Michigan State University.
- He welcomed progress toward the opening in Michigan of the U.S. Patent and Trademark Office's first satellite office.
- He continued the fight for an important transportation project in Southeast Michigan.
- He hailed federal funding to help boost innovation and job growth for Michigan manufacturers.
- He called on China to abandon its latest effort to close its markets to U.S. autos.
- He praised a decision that could help preserve Michigan postal facilities.
- He welcomed news that the gray wolf in the Great Lakes would be removed from the endangered species list.
- He pointed out important things to remember on the 10th anniversary of Enron's collapse.
- He hopes regulators can take tougher action against top executives from the collapsed Washington Mutual Bank.
- He welcomed new efforts to combat overseas tax dodging.
- He welcomed new regulations to implement legislation he helped author to fight conflicts of interest in financial markets.