Budget

Levin provides seven-point proposal for deficit reduction

by Vicki Needham - 09/15/11 8:17 PM ET

“Each is practical and doable, each achieves real deficit reduction, and each protects the programs that defend our nation and support middle-class families without increasing the tax burden on the investments that help our economy grow” he said.

Levin intends to discuss the parts of his plan during a series of floor speeches.

Sen. John Kerry (D-Mass.) cited work that Levin has done on so-called offshore tax havens.

“This issue of offshore havens is absolutely staggering,” he said.

“I’m confident that a lot of that work can be certainly put on the table but ought to be seriously considered, and my hope is we can do something.”

On Thursday, the IRS announced it had collected $2.2 billion from 12,000 taxpayers who declared offshore accounts. In total, the agency has garnered $2.7 billion along with 30,000 voluntary disclosures since 2009.

“By any measure, we are in the middle of an unprecedented period for our global international tax enforcement efforts,” said IRS Commissioner Doug Shulman. “We have pierced international bank secrecy laws, and we are making a serious dent in offshore tax evasion.”

Shulman said global tax enforcement is a top priority at the IRS and is being aided by ground-breaking international tax agreements and increased cooperation with other governments.

Peter Kasperrowicz contributed.

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