Tax evasion by Americans using
offshore accounts is rising and will increase.
[F]ewer than 6,000 of more than 1.1
million offshore accounts and businesses were properly disclosed and
[M]ore than $800 billion of American
money is on deposit in just one tax haven, the Cayman Islands.
That sum, equal to one-fifth of all
the bank deposits in the United States, is so large that it cannot be
solely, or even primarily, the fruits of criminal activity like drug
dealing. Rather... these funds must be the product of huge and growing tax
evasion by wealthy Americans who have little, if any, fear of prosecution.
[T]he United States loses $70
billion in taxes annually from such evasion.