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Citizens for Tax Justice has joined over 20 other national organizations signing a letter to Congress in support of legislation introduced by Senator Carl Levin (D-MI) and Congressman Lloyd Doggett (D-TX) to crack down on offshore tax evasion.
The letter, which several more organizations are still in the process of signing, has been made public this morning before a scheduled hearing of the Senate Finance Committee to address, as the committee website puts it, "Tax Issues Related to Ponzi Schemes and an Update on Offshore Tax Evasion Legislation."
The chairman of the Senate Finance Committee, Max Baucus (D-MT), has circulated draft legislation that would not be nearly as effective as the bill Senator Levin and Congressmen Doggett have introduced (S.506/H.R.1265). We strongly urge Senator Baucus to consider adopting the provisions of the Levin-Doggett bill as he crafts his legislation.
As chairman of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, Senator Levin has uncovered numerous offshore tax schemes that contribute to the estimated $100 billion in U.S. revenue lost each year as a result of offshore tax evasion. S.506/H.R.1265 improves upon similar legislation that Senator Levin and Congressman Doggett introduced last year and which was cosponsored by Barack Obama.
The Obama administration has indicated that it supports S.506/H.R.1265 and included in its fiscal year 2010 budget a goal of recouping $210 billion over ten years by reforming international tax enforcement and changing rules around deferral of taxes on foreign income.
The organizations that have (so far) signed the letter in support of S.506/H.R.1265 include:
American Federation of State, County and Municipal Employees (AFSCME)
Americans for Democratic Action, Inc
American Committees on Foreign Relations
Association for Accountancy & Business
Bangladesh Development Research Center
Center for Corporate Policy
Citizens for Tax Justice
Coalition on Human Needs
Friends of the Earth
Government Accountability Project
Medical Mission Sisters
National Consumer League
National Women's Law Center
New Rules for Global Finance
Service Employees International Union (SEIU)
Tax Justice Network
United for a Fair Economy