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Massive Tax Evasion by the Wealthy Ignored by Government

July 24, 2001

"$800 billion here, and $800 billion there, and pretty soon you're talking about real money."
-- the late Senator Everett Dirksen, as modified for the topic at hand

The New York Times recently reported from various sources that:

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 therefore legal.

[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.

Here's the kicker:

[E]fforts to pursue tax cheats [have] often been stymied not just by foreign governments, but by the federal government, especially the Justice and State Departments and the intelligence agencies. (emphasis added)

I've been waiting for the likes of Bill O'Reilly, Sean Hannity and other self-appointed defenders of the average American to SCREAM about this scandal and demand government action to collect from the wealthy these scores of billions of dollars of uncollected taxes.  Not a word have I heard.  Not surprising at all.

This was a selection from The Daily Diatribe

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