Tax evasion havens take toll on U.S. economy

[kurth]

Tax evasion havens take toll on U.S. economy
Up to $70 billion being stashed in offshore shelters, Senate report says

WASHINGTON (AP) - Offshore tax havens hold trillions of dollars in assets and allow wealthy Americans to avoid paying $40 billion to $70 billion in taxes each year, a Senate panel said in a report being released Tuesday.

The investigative subcommittee of the Senate Homeland Security and Governmental Affairs Committee came to that conclusion after delving for more than a year into offshore tax evasion.

In one tax shelter, detailed in the investigators’ lengthy report, $2 billion in capital gains were sheltered from taxation in an arrangement known as POINT, or Personally Optimized Investment Transaction, which took advantage of offshore secrecy.

Its promoters created the tax shelter by making billions of dollars in securities transactions to generate billions of dollars in capital losses, but the transactions were all fake, the investigators concluded...

http://www.msnbc.msn.com/id/14125850/

[dorktv]

1. If you are American (or an American company) you should lose

your citizenship rights if you pull that kind of a thing.

[MadMaddie]

2. What's the point at this time to make them pay taxes

* will just give them more tax breaks so they will end up paying the same thing which is nothing....Until we change Congress and the Senate...nothing willchange....the Repugs are building loopholes into the laws to allow them to do this....

I think they should be thrown in prison for a wlong time...

[dorktv]

3. yes indeed...and this year we are taking my district's seat back at

the very least.