According to Sen. Carl Levin's office, the United States Treasury loses an estimated $100 billion in tax revenues every year when wealthy individuals hide assets in offshore accounts.
Levin conducted hearings this week on these abuses and pointed out the unfairness involved when the rich are allowed to abuse the system and avoid paying their fair share.
Levin stated, "Tax evasion eats at the fabric of society, not only by starving health care, education, and other needed government services of resources, but also by undermining trust – making honest folks feel like they are being taken advantage of when they pay their fair share."
You can get full details on the hearings and the issues here.
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