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Article: Tax havens in U.S. cross hairs.(Money & Values)
- Article from:
- The Christian Science Monitor
- Article date:
- June 9, 2008
- Author:
CopyrightCOPYRIGHT 2008 The Christian Science Publishing Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: David R. Francis
When Barack Obama or John McCain enter the White House next January, either one will face a crucial problem: How to raise revenues or cut spending to shrink the massive federal budget deficit.
Tax economist Martin Sullivan suspects that Senator Obama will go for the "low-hanging fruit" first - that is, chasing down wealthy tax evaders, individual and corporate. Obama signed on to the Tax Haven Abuse Act, a bill introduced in 2007 by Sens. Carl Levin (D) of Michigan and Norm Coleman (R) of Minnesota.
Senator Levin figures that secretive offshore tax havens cost the federal government $100 billion in lost tax revenues each ...