Political Quotes

Carl Levin: “Well, we passed a law in 2010 talking about economic substance saying that something has got to be real, it cannot be…”

On the recordJanuary 25, 2012
Well, we passed a law in 2010 talking about economic substance saying that something has got to be real, it cannot be fake, and we are going after these totally phony transactions, which is what this is acknowledged to be. It is a shell. It is a sham.
Said by
Carl Levin
Democratic · Michigan

Editor's note · Context

Levin emphasizes the need for genuine economic substance in transactions to combat tax evasion.

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