Let them pay taxes | Arkansas Blog

Tuesday, August 1, 2006

Let them pay taxes

Posted By on Tue, Aug 1, 2006 at 12:21 PM

Taxes are for the little people:

So many superrich Americans evade taxes using offshore accounts that law enforcement cannot control the growing misconduct, according to a Senate report that provides the most detailed look ever at high-level tax schemes. ...

Cheating now equals about 7 cents out of each dollar paid by honest taxpayers, as much as $70 billion a year, the report estimated.

“The universe of offshore tax cheating has become so large that no one, not even the United States government, could go after all of it,” said Senator Carl Levin, the Michigan Democrat whose staff ran the investigation. ...

He said that during the investigation he grew angry as he learned how common cheating had become and how existing government rules aided tax cheats. He said that complex schemes were broken into discrete pieces, allowing professional advisers working on each piece to assert that they had no idea that, taken as a whole, a scheme was improper.

“I get incensed by people who use tax havens to not pay their taxes while the average guy has to pay his taxes because they are taken out of his pay before he gets it,” he said.

It's been a little over a week since news broke about the Bush administration cutting a substantial portion of the IRS staff responsible for auditing the tax returns of the wealthiest Americans.

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