U.S. Senator Carl Levin

U.S. Senator Carl Levin (D)-Detroit

MARQUETTE, MI – (Great Lakes Radio News) – Michigan’s senior U.S. Senator, Carl Levin, called in to chat with News Director Walt Lindala earlier today about a piece of legislation he has had a hand in putting forth that seeks to cut tax loopholes and generate revenue to alleviate the deficit.

Levin discussed the Cut Unjustified Tax Loopholes Act, or CUT Loopholes Act. According to the Senator, the bill would crack down on offshore tax abuses, close tax loopholes that encourage corporations to move jobs offshore and end a corporate tax loophole that allows corporations to claim a stock option tax deduction that is greater than the stock option expense shown on their books.

Levin added that the measure would yield at least $155 billion in deficit reduction over 10 years. That is more than enough to cover the $100 billion cost of a full-year extension of the payroll tax cut, and could contribute to the kind of balanced deficit reduction agreement that the nation needs.

To listen to the interview with Senator Carl Levin, please click on the audio link below:

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