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View Diary: $100 Billion Tax Fraud: Why isn't this news? (50 comments)

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  •  That's one sentence (0+ / 0-)

    and it doesn't even mention his support for the 2007 "Stop Tax Haven Abuse Act."  

    It's not a plan, and it doesn't even point to the legislation he sponsored to show what he would do.

    •  The bill is out there if you want to see it. (0+ / 0-)

      IIRC, the gist is that it would create a presumption that a subsidiary is a "controlled subsidiary," so that any income from that sub is immediately attributed to the US parent corp.  Normally, a US parent only pays taxes when the sub dividends its earnings back to the parent.  The effect of the presumption is to collapse the two entities, so that money made by the sub is immediately taxable to the parent.

      I haven't looked at the merits, and this is complicated enough stuff that I don't even know I could w/o lotsa research, but I think that's the idea.

      "[G]lobalization is...increasing the efficiency of resource allocation through stronger capital markets" - Barack Obama

      by burrow owl on Mon Feb 25, 2008 at 05:57:12 PM PST

      [ Parent ]

      •  As I understand it (0+ / 0-)

        the refernce to $100 billion by Senator Levin is on personal income tax evasion of the highly illegal variety.  Not the more garden variety acounting fraud that allows corporations to get more money back from the government than they put in.

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