Rich Benefit From Offshore Tax Havens
The Baltimore Sun, June 17, 2001
Money: The wealthy hide a bundle of their dollars in banks that can keep a secret.
The Bush tax cut for the top 1 percent of richest Americans is worth $69 billion, nearly 38 percent of the total. People who protested that are virtually ignoring another Republican policy that saves the rich the same amount. Experts estimate that $70 billion in taxes are lost annually because many wealthy Americans hide money in tax havens, but Republicans in Congress and the White House are blocking efforts to stop this tax evasion.