Statement of Senator Carl Levin on President Obama’s Proposals for Offshore Tax Reform

Monday, May 4, 2009

WASHINGTON – Following is the statement of Sen. Carl Levin, D-Mich., regarding President Obama’s proposals for offshore tax reform. Levin, the chairman of the Senate Permanent Subcommittee on Investigations, has led investigations since 2001 into abusive tax shelters and offshore tax havens used by businesses and individuals to dodge payment of their U.S. taxes and is the author of S. 506, the Stop Tax Haven Abuse Act.

“President Obama stood up for U.S. taxpayers today by demanding offshore tax reform. Too many profitable corporations and wealthy individuals are gaming the system, running circles around a shorthanded and underfunded IRS, and ducking payment of taxes needed to revive the economy.

“The President’s proposals not only fulfill his campaign promises, but provide a host of new options to crackdown on offshore tax abuse. His proposals, when combined with the Levin-Doggett offshore tax bill -- which the President had already endorsed and which he said today he intends to build on – and proposals by Senator Baucus, Congressman Rangel, and others – together have the capacity to stop offshore tax abuses cold.

“The next step is for the Senate and House tax committees to move on offshore tax reform. The committees have a number of useful proposals to stop offshore tax abuse; what I hope they will do now is put together a legislative package. I look forward to working with the President and our tax writing committees to get offshore tax reform done this year.”