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Senate Aims at Offshore Tax Evasion
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Jul 28, 2008 10:45am |
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| Category | News |
| News Date | Friday, July 25, 2008 04:45:00 PM UTC0:0 |
| Description | Democrats Say Havens Syphon Off Hundreds of Billions in Revenue
By Mike Lillis 07/25/2008
Spurred by reports that abusive offshore tax havens are syphoning hundreds of billions of dollars in federal revenues, Congress's leading voices on tax policy called Thursday for tighter restrictions on companies and individuals doing business abroad.
The issue is of particular significance to Democratic leaders, who have accumulated a challenging legislative wish-list for next year -- much of which they hope to fund by closing the $345 billion tax gap. Experts warn, however, that a slew of hurdles stands in their way.
Fueling the debate, the Government Accountability Office unveiled a report Thursday revealing that a single, five-story Cayman Islands building is home to almost 19,000 different financial entities. Roughly 900 of those entities are U.S.-owned, the GAO found, and between 40 and 50 percent have a U.S. billing address. The report came one week after a Senate panel estimated that abusive offshore arrangements deprive the federal government of roughly $100 billion per year. |
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