Excerpt taken from article.
WASHINGTON, July 12 (Reuters) - U.S. multinational corporations would have to report financial results on a country-by-country basis, potentially revealing much about their offshore tax and accounting practices, under legislation introduced in the Senate on Tuesday. Saying that offshore tax abuses cost the government $100 billion a year in lost revenue, Democratic Senator Carl Levin said his bill would additionally close a loophole that allows credit default swap payments to escape taxation if sent from the United States to persons offshore. The outlook for the bill was not immediately clear. Levin wants it folded into a deficit reduction package this year and Democrats have called for closing offshore tax loopholes to be part of a deficit solution. "All in all, it strikes me as a bit of a hodgepodge," said Scott Michel
, a lawyer at Caplin & Drysdale in Washington, who was dismissive of the measure's chances of full passage. Read