Sen. Carl Levin, D-Mich., on Thursday blasted the high tech industry for shipping billions of dollars in profits overseas through dubious schemes to avoid taxes. At a briefing for reporters, Levin singled out Microsoft and Hewlett Packard as case studies of how U.S. multinational corporations make extensive use of overseas tax havens in Bermuda, the Cayman Islands elsewhere to avoid paying taxes on U.S. earnings.
Levin chairs the Senate Permanent Subcommittee on Investigations, which is holding a hearing on the issue Thursday afternoon. Levin has full support on the issue from ranking Republican Tom Coburn of Oklahoma.
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