A pair of Democratic senators who chair influential committees have introduced legislation aimed at closing a variety of tax loopholes to reduce the budget deficit.
The Cut Unjustified Tax Loopholes Act, or CUT Loopholes Act, was introduced Tuesday by Carl Levin, D-Mich., who chairs the Senate Armed Services Committee and the Senate Permanent Subcommittee on Investigations, and Kent Conrad, who chairs the Senate Budget Committee. The bill, S.2075, would crack down on offshore tax abuses, close tax loopholes that encourage corporations to move jobs offshore and end a corporate tax loophole that allows corporations to claim a stock option tax deduction that is greater than the stock option expense shown on their books.
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