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Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Monday, March 2, 2009

Senators Introduce Stop Tax Haven Abuse Act

In advance of Wednesday's Senate hearing on Tax Haven Banks and U. S. Tax Compliance -- Obtaining the Names of U.S. Clients with Swiss Accounts, Senators Carl Levin (D-MI), Sheldon Whitehouse (D-RI), Claire McCaskill (D-MO), and Bill Nelson (D-FL) yesterday introduced the Stop Tax Haven Abuse Act:

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Everyone should pay a fair share of taxes.
we must find the reason why those people use the Swiss banks. Then we must give them that same reason to keep their money in the USA.
It is simple.
If it is for protection from creditors, we should offer protection.
If it is because our taxes are too high, we should lower the taxes, etc. Those people are not stupid. They want their money to be safe. Is their a reason why they feel that their money is not safe here.
our banking system is toast! Is that a big reason??

Posted by: tom | Mar 3, 2009 4:10:32 AM

I am sitting here listening to the senate hearing with the secretary of the treasury. One question was brought up concerning citi group having over 450 subsidiaries in tax haven areas where they skirt the Us Tax laws. This is the most important subject and it got about a minute of time. How does the US government expect to get out of this economic crisis if we do not hold these 83 fortune of 500 companies accountable. They move jobs offshore and basically use slave labor to sell products back to the US and pay no tax? These senators are in my opinion mouth pieces for corporations. Up to 700 billion in revenue for my country lost because of tax loopholes? Proposing changes ? Proposing? Are they serious. they should be working round the clock 365 days a year until the tax loopholes are closed.

Posted by: Brian Scanlan | Mar 4, 2009 8:33:27 AM