August 01, 2006
Tuesday

The Republican Members of Congress use a proposed bill to increase the minimum wage as a way to pass a $40-Billion tax cut in estate taxes this past week.

In an interesting contrast, the San Jose Mercury News reported on 8/1/06 that "WASHINGTON - Sham companies hiding the assets of super-wealthy Americans and corporations offshore are costing the U.S. Treasury as much as $100 billion a year in lost taxes, a Senate subcommittee will document on Tuesday.

Facilitated by willing lawyers and banks, elaborate semi-legal scams are used to hide cash overseas even as Americans access and use the funds while avoiding the IRS. The Senate Homeland Security and Governmental Affairs Subcommittee on Investigations will release a 370-page report at a hearing Tuesday detailing its yearlong investigation into these schemes."

The article further reported that "The Senate panel estimates that wealthy individuals avoid paying between $40 billion and $70 billion in taxes annually and corporations evade $30 billion in taxes a year by using these offshore companies. Some of those accused in the report have pleaded guilty to tax evasion, and others are under investigation.

Perhaps the geniuses and patriots working for the White House and Homeland Security, and their esteemed compatriots in the Treasury Department could apply their expertise to ending the raid on the Treasury and the pockets of all working Americans by the billionaires who see no need to support the fiscal needs of the United States, including paying for defense of Liberty around the world and other needs of our growing population?

Regards,

Alan Lidstone
Venice, FL - USA

About: "Alan Lidstone is a retired systems engineer and Naval Officer, and is currently a freelance writer."

 

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