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


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.

Please see full bulletin for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.