February 5, 2013

Senator Carl Levin Wants to Close Corporate Loopholes

Senator Carl Levin is leading the charge to close corporate tax loopholes:

Senator Carl Levin’s push to close tax loopholes will target corporate deductions for stock options and rates on investment income known as carried interest, seeking to raise at least $200 billion by one estimate.

In a memo to Democratic Senate committee leaders on Friday, the Michigan Democrat described proposals to end what he called excessive corporate tax deductions, scrap the blended tax rate for derivatives such as commodity futures and strengthen enforcement of the tax code, Bloomberg BNA reported.

The plan is estimated to raise at least $200 billion over 10 years, according to a person with knowledge of the details.

Senator Levin’s loophole closings would target deductions on stock options, the carried interest loophole, and target offshore exemptions.

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