Read Our response to the Obama administration's offshore tax haven reform proposals.

Offshore tax havens suck an estimated $100 billion out of the U.S. each year.

These "Benedict Arnold Companies" manipulate offshore schemes, while hiring scores of lobbyists to block Congressional action. (Some tax scammers, like billionaire fraudster Allen Stanford, dropped hundreds of thousands into campaign coffers while urging members of Congress to block an effort to crack down on international money laundering.)

Because of courageous efforts of UBS whistleblower Bradley Birkenfeld, the U.S. government was given an unprecedented view into the extent of offshore tax haven abuses by rich Americans and U.S. corporations in recent years. Subsequent hearings on the UBS case revealed that just 300 of 52,000 UBS tax-dodging clients -- responsible for hiding $14.8 billion in Swiss bank accounts -- were named as part of the initial settlement with the Justice Department.

Although the world's most powerful countries were expected to tighten the screws on tax havens when they meet as the G20 in April, they failed to take strong action.

Congress can crack down by supporting Senator Levin's "Stop Tax Haven Abuse Act" (S. 605), a bill that then-Senator Obama co-sponsored when it was originally introduced in 2007. The bill, which would restrict offshore tax haven abuses by both companies and individuals, is supported by the Obama administration. Which is a good thing, because the GAO reports that 83 of the 100 largest publicly traded companies do business in offshore tax havens (story). For a summary of the bill, go here.

For more extensive information about cracking down on corporate tax haven abuses go here.

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