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]
Related Posts
GAO Went Undercover to Discover Tax Preparers Are Terrible at Tax Preparing
Mind you, it was a small sample of 19 but of those, 17 were wrong: […]
Being a Former 007 Does Not Entitle Sean Connery to a ‘License to Not Pay Taxes’
Meant to get this out there on Friday but you know how it is. Anyhoo, everyone’s favorite Bond-turned-Darrell Hammond impersonated celebrity, Sir Sean Connery is having a bit of tax trouble in the country now known as the World Cup champions:
Legendary James Bond actor Sean Connery is being investigated for alleged tax fraud involving the sale of two large tracts of land in Spain.
Investigators say a property firm linked to the 79-year-old actor failed to pay taxes after he and his second wife sold land they owned on the outskirts of Malaga, Spain
The fact that the Connerys haven’t been arrested and are merely celebrities being investigated because some real estate companies involved in some shady dealings should be enough evidence to indicate that celebrity news is waning in the dog days of summer. Dr. Henry Jones wasn’t quote in the Daily Mail’s story but we’re hopeful that, if asked, it would go more or less go like this:
Nicolas Cage Must Not Have Heard About the Fiscal Crisis in California
We really thought we had heard the last of Nicolas Cage and his tax problems. The man has eight films at various points in production including the next editions of both the National Treasure and Ghost Rider franchises.
With that kind of cinematic lineup, you’d think the State of California would give him the thumbs up and say, “Oh, it’s cool Nic. Just cut us a check as soon as you have the cash. NO worries.”
Then we remembered that this is California, home to the budget projection experts that misfired on their tax revenues by $3 billion, so you bet your repossessed-mansion ass they’ll take that $3.8 mil.
National Treasure’ actor Nicolas Cage owes another $3.8 million [Tax Watchdog]