Lawmakers Re-introduce Bill to Curb Offshore Tax Havens
A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies, reports Accounting Today.
Rep. Lloyd Doggett, D-Texas, a senior member of the tax-writing House Ways and Means Committee, and Sen. Sheldon Whitehouse, D-R.I., a member of the Senate Budget Committee, introduced the Stop Tax Haven Abuse Act on Monday. The bill would close a number of offshore tax breaks, eliminating many tax incentives for U.S. companies to move jobs and operations offshore, and modifying the rules on corporate inversions for businesses dodging U.S. taxes.
Doggett and Whitehouse introduced similar legislation in 2013, Accounting Today reports.
