September 2012 Newsletter
Issues Update
In recent weeks, Sen. Levin reported the results of an investigation into how multinational companies use loopholes in tax law to shift income offshore and avoid billions of dollars in taxes; introduced bipartisan legislation with other colleagues to protect the Great Lakes; warned of the dangers to financial markets from high-frequency computerized trading; and called on the IRS to enforce clear rules requiring disclosure of donations to independent political campaign organizations.
Corporations build loopholes, avoid taxes
U.S. multinational corporations benefit from the security and stability of the U.S. economy, the productivity and expertise of U.S. workers and the strength of U.S. infrastructure to develop enormously profitable products here in the United States. But a new report from the Senate Permanent Subcommittee on Investigations, which Sen. Levin chairs, shows that too often these corporations use complex structures, dubious transactions and legal fictions to shift the profits from those products overseas, avoiding the taxes that help support our security, stability and productivity.
Read Sen. Levin's statement from the Subcommittee on Investigations hearing »
Read a news release summarizing the findings, including a memo detailing the investigation »
Taking action to protect the Great Lakes
Sen. Levin joined a bipartisan group of senators to introduce the Great Lakes Ecosystem Protection Act, saying the legislation "demonstrates our continued commitment to investing in the Great Lakes." The bill targets damaging invasive species, combats pollution and helps clean up and restore toxic "hot spots" throughout the lakes.
Read a press release announcing the Great Lakes Ecosystem Protection Act »
More news from Senator Levin
- Sen. Levin and Sen. Debbie Stabenow welcomed a federal grant that will help Michigan companies boost their status as innovators in next-generation energy technologies.
- The Michigan senators also welcomed important job training grants for community colleges in Dearborn and Ann Arbor, Muskegon and Flint.
- Sen. Levin called once again for a balanced deficit-reduction package to avoid the damaging automatic budget cuts of sequestration.
- He warned of dangers to the safety and stability of financial markets from computerized high-speed trading.
- He called on the IRS to enforce laws and regulations already on the books that prohibit political groups from evading rules on disclosure and donation limits by claiming to be nonprofit social welfare organizations.
- He called for improvements in a proposed rule governing risky stock offerings.
- He chaired a Permanent Subcommittee on Investigations hearing on problems in the Social Security disability process.
- He praised the performance of Michigan athletes at the Summer Olympics and Michigan Paralympians at the Paralympic Games in London.
- He welcomed progress the new Consumer Financial Protection Bureau has already made in creating a more consumer-friendly financial marketplace.