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$100 Billion Tax Trick

September 11, 2008 - by Donny Shaw

Just as the federal deficit is about to reach record proportions, the Senate Subcommittee on Investigations drops a report showing that, for the past decade, all the big Wall Street investment banks have “actively competed with one another in dreaming up complex transactions” to help their foreign clients avoid paying taxes to the US.

According to the report, the whole thing costs the country $100 billion in unpaid taxes.

The Wall Street Journal has more details on the report, which will be officially released later today.

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Comments

  • Dem02020 09/11/2008 12:26pm

    This is not really a constructive or positive comment, but it’s the truth I think, just the same.

    We have here a very damning report from the Senate, which shows how much of an extraordinary shortfall in revenue collection has existed under the Bush administration, by way of creative private accounting done by Wall Street investment banks, on behalf of foreign clients.

    What makes me mad about this, in addition to the obvious, is the fact that Senate Democrats wait so long to “blow the whistle” so to speak, in this matter.

    Couldn’t this Senate Report have been delivered in a more timely manner? Did it really take all these years to discover this revenue shortfall, maybe tax evasion?

    My point is this: expect to see a lot more of this “closing the barn door after the horse has got out”, or in this case more like “calling the fire department after the house has already burned to the ground”… this is negative what I’m saying, but I’m saying it because I’ve seen it before: Congressional Democrats will become bold and bolder, as the lame duck administration becomes short and shorter… they (Congressional Democrats) will even become as fierce as lions, as the Bush administration prepares to ride triumphantly into the sunset, having been successful in all their many schemes, and having not been stopped once or even slowed, by Congressional Democrats…

    But those same Democrats will now sound the alarm, and shout “fire” and close the barn door, with the house already smoldering and the horse galloping down the street…

    I’m sick of it: I’m sick of hearing about the crimes and transgressions of the Bush administration, long after the appropriate time to do anything about them… and it’s hearing Congressional Democrats inform me of these things, that aggravates my illness: because if they would just make some noise about these things in a more timely manner, then maybe the Bush administration rides away not so successful and not so unimpeded and not so glorious into the sunset…

    And if you say they are not riding off gloriously into the sunset, I say that the Bush administration is indeed riding away successful and unstopped and unconvicted in their many crimes and schemes (and that’s glory enough to a thief and a liar), as much for the reason that Congressional Democrats have stood by watching all of this, silently.

    I do not need to hear them roaring like lions right now, at the injustices of the Bush administration, when I know that they (Congressional Democrats) did nothing about those injustices, in any timely manner.

    And time is an element to Justice: and now is too late, and long after the fact.

  • Anonymous 09/14/2008 6:13am

    You talk of the Democrats as if they are really different from the Republican. They are not that is why nothing gets done.

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