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View Diary: Leak of Identities & Emails of Rich Hiding *$32 Trillion* Offshore (240 comments)

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  •  Jeff - having an account in the BVI (1+ / 0-)
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    is not illegal as long as it is disclosed to the IRS. The assumption that any assets held outside the US are domiciled there only to evade taxes is false. Nearly every wealthy US family holds assets in different domiciles and in different currencies and asset classes. All of the income is subject to the same IRS code regardless of where the assets are held, anywhere in the world. As long as they are disclosed to the IRS it's perfectly legal. There is no doubt that some US taxpayers are hiding income producing assets offshore to escape US taxes. Those people should be prosecuted.  

    "let's talk about that"

    by VClib on Fri Apr 05, 2013 at 08:05:51 AM PDT

    [ Parent ]

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