March 8, 2012
Clark Gascoigne, +1 202 293 0740 ext. 222
Amendment to Raise $900 Million Over 10 Years
WASHINGTON, DC – Global Financial Integrity (GFI) today applauded the U.S. Senate for unanimously adopting the Levin-Conrad amendment (S.A. 1818) to the highway reauthorization bill, and called upon members of the House of Representatives to follow suit in their own version of the legislation.
The amendment, sponsored by Senators Carl Levin (D-MI), Kent Conrad (D-ND) and Sheldon Whitehouse (D-RI), grants the U.S. Treasury Department “a discretionary tool to stop off-shore tax havens and their financial institutions that ‘impede U.S. tax enforcement’ from transacting business in the United States.” The Joint Committee on Taxation estimates the provision would raise $900 million in government revenue over ten years.
“We are thrilled that the amendment received unanimous support from the Senate today. Now it is time for the House to likewise demonstrate its commitment to cracking down on offshore tax dodging by also adopting the proposal,” said Heather Lowe, director of Government affairs at Global Financial Integrity.
“This amendment provides the Treasury Department with an important tool to combat offshore tax evasion which is depriving our country of much needed tax revenue,” said Heather Lowe, director of Government affairs at Global Financial Integrity. “It’s a measure that all Congressmen should be able to support.”
Notes to Editors:
- Download the description of the Levin-Conrad Amendment To Authorize Action Against Those That Significantly Impede Us Tax Enforcement
- Click here to read Global Financial Integrity’s previous statement calling on the Senate to adopt the amendment.
+1 202 293 0740 ext.222
Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.
For additional information please visit www.gfintegrity.org.