Stop Tax Haven Abuse Act: An Attempt to Close Down Dividend "Washing" has New Life with a New Congress and New Administration; If Enacted Would have Broader Implications

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On March 2, 2009, Senator Carl Levin (D-Michigan) introduced the Stop Tax Haven Abuse Act (the “Bill”) in the Senate and a day later Representative Lloyd Doggett (D Texas) introduced the same provision in the House of Representatives. The Bill is based on a previous bill co sponsored by then-Senator Barack Obama in 2008. In testimony before the House Ways and Means Committee last week, Treasury Secretary Timothy Geithner gave his unqualified support for the Bill. In addition to introducing measures to combat tax evasion, money laundering, and the use of tax shelters, the Bill includes provisions that attempt to “close the offshore dividend tax loophole,” according to Senator Levin.

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