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9:00 PBS - Frontline: Tax me if you can - Bogus tax-shelters

by crowsfoot / June 3, 2004 11:28 AM PDT

With commentary by correspondent Hedrick Smith.

Gimme Shelter
Examining the 1990s tax-shelter explosion and whether the problem is likely to return.

Uncovering the schemes
How they work and how they're sold -- with a closer look at KPMG's aggressive strategy and reports on sheltering in Germany and the Cayman Islands.

Prospects for reform
Analysis by experts, the battle in Congress, and the challenges facing the IRS.
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How the rich get richer and the poor .... well ...
by xerpor / June 4, 2004 9:13 AM PDT

the poor just can't compete can they? How can you hide $10.45 when you need it for grocery.


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Re: 9:00 PBS - Frontline: Tax me if you can - Bogus tax-shelters

Hi, Bob.

I think the telling statistics are the following:
>>The total uncollected tax gap, Rossotti says, is somewhere in the range of $250 to $300 billion per year -- which, he says, is the equivalent of a 15 percent surtax on the honest taxpayer.<<


>>As effective corporate tax rates have dropped, so too has the total share of the tax burden shouldered by corporations. Over the past 50 years, says McIntyre, corporate tax revenues have averaged about 17 percent of the total tax take. But now, he says, corporate tax revenues account for 7 percent of all tax revenues collected by the government -- the second lowest level since the Great Depression.<<

As abusive shelters become more and more complex, more manpower is required to uncover and prosecute them. But the IRS budget and personnel have been systematically reduced over the period in question, and the average citizen, motivated by fear of personal audit, has done nothing.

-- Dave K, Speakeasy Moderator
click here to email semods4@yahoo.com

The opinions expressed above are my own,
and do not necessarily reflect those of CNET!

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