Senators Carl Levin, D-Mich., and Sheldon Whitehouse, D-R.I., introduced the Cut Unjustified Tax Loopholes Act, also known as the CUT Loopholes Act, or S. 268, on Monday. The bill was introduced in the midst of a congressional and White House showdown over the impending budget sequestration and growing calls for corporate tax reform, but builds on earlier legislation introduced by Levin in previous congressional terms (see Senators Introduce Bill to Cut Tax Loopholes). This bill, which closes loopholes and strengthens enforcement measures against offshore tax haven abuse, could raise nearly $200 billion over 10 years, according to estimates. [AT]
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So I’m originally from Wisconsin, and other than my tendency to store extra fat in the winter and an unfortunate affinity for drawing out my vowels in words like “mom” and “bagel,” you wouldn’t really know it. I moved to California fairly young, hence why I’m more likely to say “hella” than “uffda” (though both […]
Presuming that Janet Yellen, our current secretary of the Treasury, lives in California, her marginal tax rate might be as high as 13.3%. That’s a little scary for those of us living here in Maryland. Good thing she knows how to handle finances. For that kind of tax rate she might easily be persuaded to […]