Tuesday, December 09, 2008

Stop Tax Haven Abuse Act - coming soon

US Senator Carl Levin, one of the co-sponsors (along with President-elect Barack Obama) of the Stop Tax Haven Abuse Act, has been speaking about the likelihood of it coming to pass. (We recently blogged the Act, one of the most forward-thinking and useful pieces of legislation on tax havens in history.)

This is what the latest news story from Bermuda has to say:

"American lawmakers will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens", a leading US Senator has indicated.

Sen. Carl Levin said the Stop Tax Haven Abuse Act — a bill which names Bermuda as one of 34 "offshore secrecy jurisdictions" — will become law next year with the support of the new president

"The President-elect has co-sponsored our bill, which goes after the misuse of these tax havens, the avoidance of taxes by American taxpayers, individuals and corporations using the Cayman Islands and all these other places to avoid paying their bills to Uncle Sam," Sen. Levin said."

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