Ouch.

http://news.yahoo.com/s/ap/20060801/...ess_tax_havens

IRS chief says offshore abuses a problem



By MARY DALRYMPLE, AP Tax Writer 1 hour, 55 minutes ago

WASHINGTON - IRS Commissioner Mark Everson told senators Tuesday that a trend toward a world economy helps wealthy taxpayers hide money in complicated transactions offshore, virtually invisible to tax agents.

"We have real difficulties finding out what's going on," he said. "Our challenges are acute and ever-growing. Offshore abuses are a real problem."

Everson testified to the investigative subcommittee of the Senate
Homeland Security and Governmental Affairs Committee, which concluded a yearlong study of offshore tax shelters. They concluded that offshore tax havens allow the wealthy to stash trillions of dollars, mostly impervious to tax, regulatory and law enforcement authorities.

The panel said the havens allow Americans to avoid paying $40 billion to $70 billion in taxes each year, with the help of "an armada" of professional advisers.

the rest of the article at above link.

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These people are just playing the game. They demand all the protective services of the government, yet they are unwilling to support the revenue programs which procure the source of funding. Have your cake and feed it to the peasants, too.



"You are what you support"
~~carefulcarpenter

Seems like every few years the US govt puts on this show of concern with tax dollars being hidden by the wealthy 4%. The usual dog and pony. These monies are usually hidden or exempt due to corporate tax shelters since the US govt essentially encourages it and allows for it.

Depressing in a fashion but it's not like they'll actually act on any of it.

That is depressing. I did not know there was a pattern.

I should have known better than to think this was actually some breakthrough.

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