By Bernie Becker - 07/27/11 04:45 PM EDT
Both Doggett and Sen. Carl LevinCarl LevinThe Fed and a return to banking simplicity What Our presidential candidates can learn from Elmo Zumwalt Will there be a 50-50 Senate next year? 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.
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.