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.
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