I read the letter that is included with the article and in it he talks about his work to reign in tax avoidance and evasion. I notice though that in his critique of Americans who use such tools to avoid paying taxes that he uses the word “scheme” to describe the process by which they do so.
Now of course the question to be asked is that just how does one’s choice to live abroad or one’s birth abroad become a tax avoidance/evasion “scheme” webbanki.ru? I believe that his own words clearly demonstrate that FATCA and FBAR are both totally unjustified laws as applied to the lives of innocent U.S. persons abroad.
In the words of homelanders, don’t let the door hit you on the way out!
So does he plan to enjoy a quiet retirement with his Senate pension & health care, or is he going to get all sorts of consulting and speaking gigs for the Compliance-Industrial Complex to which he gave so much fuel?
A man that his spent his entire working Life in the Senate—it would be interesting to see his financial statement to see how much he is Worth after “serving the country”
@Eric- it would be a cruel irony if he were to make consulting on FATCA compliance his second career but in the world of Washington politics it wouldn’t be unheard of.The proper thing would be that he and all Congressional members were to be barred from derieving any income from consulting on any bills that were passed while in office, irrespective of how he/she voted on said bill. That restriction would include being paid for speaking engagements.
My general thoughts are that all former politicians who are receiving a pension or any other benefit as a consequence of holding office should be barred from being involved with the government on any level other than voting in elections. To allow continued involvement is basically to allow double dipping and what I see as being something that is analogous to insider trading in stocks. Since their knowledge of the legislation rises above that of the average person who is ruled by the legislation. This would go a long ways towards reducing corruption in the government and would allow old ways of thinking to die.
@Mark Twain- I believe that it was last year or else in 2011 that 60 Minutes did a segment in which a comparison was made between the relative level of declared wealth by Congressional members upon entering the chamber with their level of wealth after entering office and found that they were all richer after being in office. The segment brought out the fact that members of Congress were often front running stock purchases prior to the enactment of favorable legislation.
It was only after this expose that the members of Congress finally voted that they too must comply with the same bars to insider trading as does every one else.
In a more just universe, Carl Levin would be a lamppost ornament.
Headline should be: “Career Barnacle Retires”
Maybe he’ll move to Israel and have to file FBARs!
This news made my day! Thank you. Now if only Schumer would retire to a life of backgammon and bingo as well.
Has one man done more harm in the name of “so called” good intentions. (Schemes)
Time to kill off his final FATCA Fatwa double down, S 268 disguised as “Cut the Loopholes Act” Let’s hope this dies a natural death with his retirement.
I guess it really isn’t hypocritical (much) that Carl Levin wants to devote his retirement to ending “secret” election funding. His own sources of funding weren’t exactly secret but I’d certainly call them shady.
@ bubblebustin — Your first comment was especially spot on.
It sort of feels like in the “Wizard of Oz” when the Wicked Witch of the East melted down. Relief and jubilation! Although Levin’s retirement is really only a semi-meltdown because he will always have his hands out in the gimme position.
recalcitrantexpat, I agree entirely. I really think that politicans of all countries shouldn’t be allowed to capitalise on their government service by undetaking directorships of companies, speaking engagements, consulting, etc. They are paid generously and have the best pensions of anyone. Let them “retire” to their estates and grow vegetables.
I would also like to see a two term serving limit on members of Congress, the same as for Presidents. I think it would do much to stop the cosy relationship between lobbiests and long serving Congress persons and bring new blood/ideas into the old gentlemen’s club that Congress mostly is.
@recalcitrant and Medea,
I couldn’t agree more!
Good riddance to bad rubbish. May the rest of congress take a hike as well along with their village idiot president.
Here’s a parting wish for Carl Levin. “May the fleas of a thousand camels infest his jockey shorts and his arms shorten to three inches.”
That would be too good for that slimy, troll like s.o.b.
Yeah, I’d feel sorry for the “FLEAS”.
@SenCarlLevin The chief FATCAnatic Changed the Face of Tax Enforcement http://bit.ly/XjVLkV & the world economy will suffer from his hubris
Carl Levin’s FATCA legacy = The Ethnic Cleansing of Americans abroad
The sooner the old fokker retires, the better.