Pennys for the Poor, Millions
for the Rich
By Alan Lidstone
August 01, 2006
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?
Venice, FL - USA
About: "Alan Lidstone
is a retired systems engineer and Naval Officer, and is currently
a freelance writer."
Note: Comments published
on Viewpoints are the opinions of the writer
and do not necessarily reflect the opinions of Sitnews.
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