July 18, 2008
Monique Perry Danziger, +1 202 293 0740 ext. 222
WASHINGTON, DC – The Senate Permanent Subcommittee on Investigations’ hearing Thursday, “Tax Havens and U.S. Tax Compliance” offered rare insight into a shadowy world of secretive banking practices and reported figures for estimated revenue lost through tax evasion and “abusive tax schemes” in the tens of billions.
Global Financial Integrity (GFI) urges Congress to continue its assault on banking secrecy, tax havens, and tax evasion by following the recommendation of Subcommittee chairman Senator Carl Levin (D, MI) to pass the “Stop Tax Haven Abuse Act” which the Senator introduced last year after a year-long Subcommittee investigation into tax havens and tax evasion.
“The Stop Tax Haven Abuse Act offers innovative ways to combat offshore secrecy closes loopholes, and would curtail billions in lost U.S. assets,” said GFI director Raymond Baker. “Passage of this bill would restore equanimity to tax payments and return much-needed funds to the U.S. Treasury.”
Baker also noted that Senator and Presidential hopeful Barak Obama has a solid record of supporting key anti-illicit financial practices legislation including co-sponsorship of the “Stop Tax Haven Abuse Act,” and the “Incorporation Transparency and Law Enforcement Assistance Act.” “Senator Obama has stated his intention to close corporate loopholes and tackle tax havens as part of his plan to strengthen the U.S. economy,” said Baker. “With the U.S. losing $100 billion in tax revenues due to offshore tax abuses every year, staunching this flow of funds should be a component of the next President’s fiscal policy.”