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Friday, October 09, 2009
Top Democrat Proposes Tougher Taxes on Foreign Income to Pay for Health Care
By Rich Edson, Washington Correspondent
FOXBusiness
A top Democrat wants to pay for a health-care overhaul, in part by imposing stricter measures on foreign income for U.S. companies.
Staff for Senator Carl Levin (D-MI), said he plans to offer his “Stop Tax Haven Abuse Act” to raise nearly $30 billion for health-care reform.
Levin’s health-care bill would treat foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes.
It would also require any financial institution opening an account or creating a subsidiary in what the Treasury Department defines as an “Offshore Secrecy Jurisdiction” for a U.S. client to report the transactions to the IRS. Anguilla, Barbados, Turks and Caicos Liechtenstein and Switzerland, among nearly 30 other nations, fall on Treasury’s “Offshore Secrecy Jurisdiction” list.
“Hiding assets offshore is blatantly unfair to the vast majority of taxpayers who comply with their civic obligations and have to shoulder the additional tax burden when others don’t pay what they owe,” said Levin in a September speech introducing the bill.
The Congressional Budget Office said Levin’s bill would net the government $29.8 billion over the next ten years.
A Levin aide said if the Senate fails to attach his provision to the health-care bill, he will continue to push it after the health-care debate.
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