Thursday, July 17, 2008

Senate investigation finds offshore tax evasion costs U.S. $100 billion annually

A Senate subcommittee investigation released yesterday reports that the U.S. is losing $100 billion annually due to offshore tax evasion.

The report, by the Senate Permanent Subcommittee on Investigation, describes how Swiss bank UBS and LGT, owned by the royal family of Liechtenstein, helped wealthy individuals avoid U.S. taxes. It examines the practices of eight rich individuals in particular.

For news accounts about the report, see The Wall Street Journal and The New York Times.