Hedge Funds Politics & Regulation

U.S. senator targets hedge funds with tax evasion legislation

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Carl Levin attacks offshore tax havens once again, hoping to seize on the broader fiscal responsibility battle in Washington. Lawyers say the industry is a “whipping boy” and the legislation is “stupid.”

  
 
  Senator Carl Levin
Forget raising taxes on the very wealthy or slashing government entitlement programs. There’s a much easier way to inject an extra $100 billion a year into U.S. government coffers and save the U.S. from default: End offshore tax loopholes and evasion.

That’s according to Senator Carl Levin, the Democrat from Michigan and long time advocate of ending what he sees as tax loopholes and other lax rules that allow people and firms to stash money abroad. A new proposal released Tuesday, the latest in a series of big legislative packages the senator has