Statement of Senator Carl Levin on the IRS Announcement of a Third Offshore Voluntary Disclosure Program

WASHINGTON – Sen. Carl Levin, D-Mich., today made the following statement regarding the IRS announcement that it is reopening its offshore voluntary disclosure program:

“The fact that 33,000 taxpayers have turned themselves in and paid $4.4 billion in back taxes, with more to follow, shows how enormous the offshore tax evasion problem is.  Taxpayers are turning themselves in, because federal prosecutors have finally begun to go after the individual tax haven banks, bankers, and other financial professionals helping them cheat on their taxes.  The Justice Department needs to keep up the pressure to stop offshore tax evasion costing us an estimated in $100 billion each year in unpaid taxes.  And Congress must finally enact stronger laws to combat offshore tax abuses, including passing my Stop Tax Haven Abuse Act, S. 1346.”