Friday, July 25, 2008

Rich American Tax Cheats Fractal at 18,000

It seems tax cheats like to congregate in large numbers, approximately 18,000. Whether individuals or corporations, the magic number repeated itself in two reports. A magic initial could also be found, the letter "U".

UBS, the huge Swiss bank, helped 18,000 Americans avoid paying taxes.

Upland House, a building in the Cayman Islands, houses 18,000 offshore corporations.

WebCPA reported, "Finding these tax cheats is a bit like a game of cat and mouse," said ranking member Chuck Grassley, R-Iowa, in his opening statement. "Only the mouse is hiding its cheese offshore. The IRS needs to be able to stay ahead of the schemers who hide their income offshore. Congress needs to continue giving the IRS more tools to trap the tax cheats."