Levin Statement on OECD’s Offshore Tax Action Plan

       WASHINGTON – Sen. Carl Levin, D-Mich., chairman of the Senate Permanent Subcommittee on Investigations, issued the following statement today on the Organization for Economic Cooperation and Development’s report on the need for steps to combat offshore profit shifting and tax evasion:

“The OECD’s tax reform action plan is the latest evidence of the growing global demand for reining in corporate offshore tax abuses. The Permanent Subcommittee on Investigations has spotlighted the abusive tactics some American multinationals use to avoid paying taxes, and it’s clear that other countries are equally concerned about how these tax avoidance schemes allow a few to profit at the expense of working families around the world. The G20 nations, including the United States, should heed the OECD’s call for action to combat offshore tax avoidance. And it’s long overdue for Congress to close outrageous corporate tax loopholes, increase tax fairness, and use the revenue to stop irrational sequestration cuts from further damaging national security, education, health care, research and innovation and more.”