Sen. Levin to begin campaign stopping abusive tax shelters


The group on Tuesday will release a report showing a marked increase in abusive tax shelters and call on other business leaders and investors to sign a petition urging Congress and President Obama to enact legislation to enforce tax haven laws. 

More than 400 signatures from leaders in the business community have already signed the petition.

Levin chairs the Senate Permanent Subcommittee on Investigations and in the past has been vigilant in trying to clamp down on those who use tax shelters for the sole purpose of hiding income from the Internal Revenue Service. 

Last year, the senator introduced the Stop Tax Haven Abuse Act. The bill targeted offshore tax abuses that, at the time, hid an estimated $100 billion each year from the Treasury. He and then-Sen. Barack Obama (D-Ill.) introduced similar legislation in a previous Congress. However, neither bill made it through the Senate Finance Committee.