Sen. Carl Levin, D-Mich., introduced legislation Tuesday that would give federal agencies new powers to investigate and enforce tax laws, especially against companies that use offshore bank accounts to reduce their tax burden.
Levin is chairman of the U.S. Senate’s Permanent Subcommittee on Investigations, a perch he has used for a decade to investigate the use of offshore tax havens. His latest proposal tracks legislation he introduced previously, with the addition of several new provisions. The legislation is expected to attract new attention from companies and investment managers — as well as their tax lawyers — for its potentially sweeping impact.
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