Levin says it’s going to happen

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Senator Carl Levin has said the Stop Tax Haven Abuse Act is going to happen:

American lawmakers will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens", a leading US Senator has indicated.

Sen. Carl Levin said the Stop Tax Haven Abuse Act - a bill which names Bermuda as one of 34 "offshore secrecy jurisdictions" - will become law next year with the support of the new president

"The President-elect has co-sponsored our bill, which goes after the misuse of these tax havens, the avoidance of taxes by American taxpayers, individuals and corporations using the Cayman Islands and all these other places to avoid paying their bills to Uncle Sam," Sen. Levin said in an interview broadcast on Bloomberg Television last Friday.

Some of us hope so, very much.

And some of don't believe those jurisdictions who will be affected who claim they're fully compliant and cooperative already. That is not an opinion the IRS share - because they effectively selected the 34 jurisdictions the Act will apply to.