Public pension funds have major stakes in American firms moving overseas to cut their tax bills. But they are saying little about the strategy.» Read More
Democratic Senator Carl Levin on Thursday said he plans to introduce legislation soon to prevent corporate inversions, an increasingly popular restructuring that involves U.S. companies moving overseas to avoid U.S. taxes. Levin, a long-time advocate for closing corporate tax loopholes, said he is talking with other senators about potential legislation.
Despite a surge in the number of partnerships over the last decade, the IRS did not conduct field audits for 99 percent of these tax-favored businesses from 2007 through 2012, said the preliminary report from the Government Accountability Office, the investigative arm of Congress.
WASHINGTON, April 9- Sikorsky Aircraft said on Wednesday the U.S. Navy's plan to skip orders for 29 MH-60 helicopters in the final year of a five-year contract could undermine the industry's willingness to sign such cost-saving agreements in the future.
*Swiss structure not challenged by IRS- Caterpillar. WASHINGTON, April 1- Caterpillar Inc defended itself on Tuesday against accusations of offshore tax-dodging, telling a U.S. Senate panel that a low-tax unit the company set up years ago in Switzerland has not been challenged by U.S. tax authorities.
WASHINGTON, April 1- The broken U.S. tax code encourages companies to shift profits overseas, Republican senators said on Tuesday, seeking to deflect criticism from Caterpillar Inc at a hearing on how it allegedly avoided paying $2.4 billion in taxes.
WASHINGTON, April 1- Executives for Caterpillar Inc will defend the company's offshore tax strategies at a U.S. Senate hearing on Tuesday held by a panel known for shedding light on corporate tax avoidance.
WASHINGTON, March 28- Caterpillar Inc's offshore tax strategies will come under scrutiny on Tuesday at a U.S. Senate hearing expected to examine dealings by the world's largest mining and construction equipment maker in Switzerland, Bermuda and Luxembourg.
WASHINGTON, March 24- A U.S. Senate subcommittee known for investigating corporate tax avoidance said on Monday it will hold a hearing on April 1 to examine the offshore tax strategies of Caterpillar Inc, the world's largest mining and construction equipment maker.
The Senate's senior Democrat and Republican reached a tentative agreement to impose modest limits on the filibuster, the delaying tactic that minority parties have long used to kill legislation and was immortalized in the film "Mr. Smith Goes to Washington."
WASHINGTON, Oct 25- Two influential U.S. senators on Thursday urged regulators to resolve any differences and finish writing a controversial ban on proprietary trading known as the Volcker rule.
The FMHR traders discuss Senator Carl Levin's remarks on JPMorgan's losses and whether investors should buy Las Vegas Sands on its dip. Michael Binetti, UBS analyst, also weighs in on which retail stocks are a 'buy' or a 'sell.'
Senator Carl Levin, (D-MI), a co-author of the Volcker Rule, discusses his understanding of JPMorgan's $2 billion trading loss, with CNBC's John Harwood.
Should the U.S. be doing business with countries that are rich in resources — and friendly —but accused of corruption and human rights violations?
Shielding assets from the tax man or from overly inquisitive regulators is a time-honored strategy for the wealthy. Some turn to secretive financial havens like Switzerland or the Cayman Islands. Or there’s always Fernley, Nevada.
During his testimony before the British Parliament ran attempt was made to hit Rupert Murdoch, with a pie. So, which other public figures have been hit by pies?
Are hedge funds paying their fair share of taxes? One powerful senator doesn't believe they are giving Uncle Sam his fair share. John Carney, CNBC.com frames the debate.
Carl Levin, chairman of the Senate investigative subcommittee, said there was “real hope” law enforcement authorities would act on his panel’s report accusing Goldman Sachs of misleading investors and Congress, the FT reports.