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Small Businesses, Senior Democrats Call for More Beneficial Ownership Rules
By Colby Adams
printTwo U.S. lawmakers and a coalition of small businesses called Tuesday for stricter requirements on collecting beneficial ownership data as part of an effort to clamp down on corporate tax avoidance. Sen. Carl Levin (D-MI) and Rep. Lloyd Doggett (D-TX) joined three small business advocacy groups in admonishing multinational banks and other corporations for using legal loopholes to avoid paying an estimated $37 billion in U.S. taxes annually. The groups also called on Congress to designate tax evasion as predicate crime of money laundering. Citing a December 2008 report by the Government Accountability Office, the groups pointed to financial institutions...
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