The Ramifications of Tax Shelters for America
by The Opportunity Agenda, Thu Aug 07, 2008 at 11:42:28 AM EDT
Our friends at the American News Project have posted a video on the usage of tax shelters by the super-rich. "Super-Rich Tax Cheats" shines a spotlight on the $1.5 trillion currently estimated to be hidden off-shore from the IRS by the very wealthiest of Americans.
Senator Norm Coleman (R-MN) estimates the resulting lost tax revenue at approximately $100 billion. The video puts this number into context by showing what the government spends on other programs. This is more than the federal government spends on education and training ($89.9 billion). It's triple what is spent on the environment and natural resources ($33.1 billion) and almost five times more than what we spend on temporary assistance for needy families, or TANF ($20.9). Besides looking simply at people clearly breaking the law, the video also has a short segment with Warren Buffet, one of the world's wealthiest men, arguing for tax fairness. This is key if our nation is to be stronger and we are to truly come together as a community.
You can watch the video at the Huffington Post.