House Dems roll out tax-haven bill

Both Doggett and Sen. Carl LevinCarl LevinA lesson on abuse of power by Obama and his Senate allies President Trump, listen to candidate Trump and keep Volcker Rule Republicans can learn from John McCain’s heroism MORE (D-Mich.), who has introduced a Senate version of the legislation, have been taking aim at tax havens for years, and have introduced bills on the matter in previous Congresses.

But with tax havens costing the U.S. Treasury an estimated $100 billion a year, Levin said earlier this month that he hoped the current thirst for deficit reduction would give their push fresh momentum.

The tax haven bill, which is backed by a slew of liberal groups, would make credit default swaps that start in the U.S. subject to taxation here. It would also force companies that are organized offshore but operate mostly in the U.S. to be defined as domestic companies for tax purposes.

Reps. Sandy Levin (D-Mich.), the ranking member on House Ways and Means and Levin’s brother, and Rep. Rosa DeLauro (D-Conn.) are among the other lawmakers backing the bill. Other senior Democrats on Ways and Means are on board with the tax haven measure as well.