A gaping hole in U.S. tax laws is allowing the rich to stash billions offshore in foreign bank accounts, according to lawmakers.
While the law requires Americans to report any foreign bank accounts and pay taxes on all income earned, not all of them do, and a 12-year-old law designed to crack down on offshore tax evasion is easy to circumvent, members of the Senate Finance Committee said in a "As a result, wealthy taxpayers continue to use schemes involving offshore entities and secret bank accounts to successfully hide billions in income from the IRS," the report said.
Brockman's attorneys, who didn't immediately reply to a request for comment from CBS News, had argued he was too ill to stand trial. Upon his death, Kathy Keneally of Jones Day That means when money funneled through these companies was deposited into Swiss bank accounts, the Swiss banks did not need to investigate whether a U.S. citizen held the account, as they would normally have to do.
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