STATEMENT OF SENATOR CARL LEVIN ON WORLDWIDE RESPONSE TO LIECHTENSTEIN TAX SCANDAL

“Today, multiple tax authorities from around the world announced their intent to investigate tax dodging by persons with accounts at Liechtenstein’s LGT Bank. We are witnessing a worldwide rejection of tax haven abuses and a new level of international cooperation to stop tax havens from facilitating tax dodging by the wealthy and powerful. “The IRS announced today that it is investigating more than 100 U.S. taxpayers with accounts in Liechtenstein; Australia, France, Germany, Italy, the United Kingdom, and others are doing the same. These actions show that tax haven abuses pose a worldwide problem. “About 50 tax havens operate in the world today. Those tax havens have, in effect, declared war on honest taxpayers, by giving tax dodgers the means to avoid their tax bills and leave them for others to pay. In the United States alone, offshore tax evasion produces an estimated $100 billion in unpaid taxes each year. “Bank accounts, corporations, trusts, and foundations in tax havens are shrouded in secrecy because they can’t stand the light of day. It’s long past time to shine the light on tax haven abuses and stop the tax dodgers from offloading their tax burden onto the backs of honest Americans. The Stop Tax Haven Abuse Act, S. 681, would do just that.” _____________________________ FOR ADDITIONAL INFORMATION CONTACT: TARA ANDRINGA 202/228-3685 tara_andringa@levin.senate.gov