February 2012 Newsletter

Issues Update

Recently, Sen. Levin introduced two pieces of legislation to close unjustified tax loopholes and reduce the budget deficit; welcomed an encouraging new jobs report; joined other Great Lakes lawmakers in highlighting a report on how to protect the lakes from invasive species; supported a measure to reinforce prohibitions on insider trading by members of Congress; and celebrated Michigan's 175th birthday.

Bill closes tax loopholes to reduce the deficit

February 2012 newsletter Sen. Levin joined Sen. Kent Conrad of North Dakota in introducing the Cut Unjustified Tax (CUT) Loopholes Act, which would reduce the deficit by $155 billion by closing tax loopholes that favor wealthy individuals and corporations, loopholes that raise the tax burden that American families must carry. It would combat offshore tax haven abuse, and close a loophole that subsidizes corporations that grant stock options to their top executives. It would provide more than enough revenue to pay for a full-year extension of the payroll tax cut now in place, or put a significant dent in the deficit reduction we need to avoid draconian automatic cuts now set to begin next year.

Read the press release on the CUT Loopholes Act »

Read Sen. Levin's Senate floor statement on the bill »

Read a detailed summary of the bill »

Closing loophole would combat harmful speculators

February 2012 newsletter 2Sen. Levin introduced the Closing the Derivatives Blended Rate Loophole Act, which would end an unjustified tax loophole that promotes speculation in commodities that can raise the prices consumers and businesses pay for energy, food and other materials. This loophole gives a big tax break to those who trade in oil, crops and other commodities, even if they hold onto these investments for a few seconds.

Read a press release on the bill »

Read Sen. Levin's Senate floor statement on the bill »

More news from Senator Levin

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