Joint Effort

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$100 billion of lost revenue – flown the coop…

caymanObama To Target Tax Havens In Budget

Sam Stein stein / Huffingtonpost.com

As part of the budget that he will introduce this Thursday, President Barack Obama will call for the closure of tax havens that allow companies to pay greatly reduced tax rates, an administration official tells the Huffington Post.

The inclusion of “funding for a robust portfolio of IRS international tax compliance initiatives” could help Congress make up an estimated $100 billion of revenue that is lost when companies set up what are often P.O. box addresses in locales like the Cayman Islands.   (Read the whole story)

Real Simple – Hiding income so as not to have to pay tax dollars, it is tax evasion.

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