Obama attacks 'offshore loophole' with Bill targeting secrecy jurisdictions

In a recent speech, Obama said: “I will shut down those offshore tax havens and corporate loopholes as President, because you shouldn’t have to pay higher taxes because some big corporation cut corners to avoid paying theirs.” Senator Carl Levin introduced the ‘Stop Tax Haven Abuse Act’ Bill, supported by Obama, on 17 February 2007, which contains provisions aimed to combat ‘the $100bn per year drain on the US Treasury from offshore tax abuse,’ according to Levin. The Obama camp released a campaign video accusing Republican presidential contender John McCain of promising to defend tax b...