SENATORS TARGET TAX HAVENSWASHINGTON - A trio of senators has proposed legislation targeting overseas tax havens. Such havens cost the U.S. upwards of $100 billion a year in lost tax revenues, according to Sen. Carl Levin, D-Mich.
The bill would require hedge funds to establish programs to combat money laundering and better track offshore investors. It would also prevent the U.S. Patent and Trademark Office from issuing patents for accounting strategies intended to reduce or avoid tax liability.
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