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Resource ID: #17923
Subject: Taxes
Source: Forbes Magazine
Affiliation: 
Date: 5-Mar

Description

"In December 1998 FORBES shone a bright light on the murky world of corporate tax shelters, which were being hustled to large companies by supposedly respectable firms. Now the Internal Revenue Service has an even bigger problem: the marketing of push-the-edge and over-the-edge shelters to the masses. It isn't just the promotion of outrageous shelters that is tearing this country's tax system apart. It is also the proliferation of conventional cheating ... All told -- shady shelters and good old-fashioned fudging -- the tax cheating appears to be costing the Treasury well above $200 billion a year, a devastating sum in relation to the $1.1 trillion of income tax collections."

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