How the Rich Elude the Tax Man


| June 14, 2002 Issue

How the Rich Elude the Tax Man, Mary von Euler, Americans for Democratic Action
The IRS estimates it loses approximately $70 billion each year to offshore tax evasion. As many as two million Americans have stored away income in offshore banks and then avoided reporting it to the government, reports Mary von Euler on the Americans for Democratic Action Web site. "Offshore tax evasion has grown geometrically and threatens the U.S. system of voluntary taxation," writes von Euler. Both the wide use of credit cards and the rise of the Internet have made offshore tax evasion more accessible to Americans. To collect this lost revenue--which could help fund such services as a much-needed Medicare prescription drug program--von Euler suggests that the government needs to enforce current anti-money-laundering laws and do a better job of auditing corporations.
--Sara V. Buckwitz
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AdonisI
3/30/2009 4:44:44 AM

Concerning financial issues, Obama together with his Team Transition just recently depend their picks for the United States Secretary of the Treasury, though it seems imprudent to appoint to one of the top financial posts in the country to a guy that makes big tax mistakes that require a massive payoff. As the recession began draws on fewer people are willing to lay down $20,000 or more on a vehicle that isn't a daily driver. The company has also been hurting because of the credit crisis, but after losing large sums on previous loans, the financial wing is still offering loans with much stricter requirements. Tom Bergman, Harley CFO defends the lending, citing that the company is trying to survive. They may need a payday loan in the meantime. However, as the economy shows signs of rebound, it isn't likely we will see an end to Harley Davidson. To read more check out this articles at http://personalmoneystore.com/moneyblog/2009/03/24/harleydavidson/