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Only millions? That's not so bad! > officials estimate that the government loses between $40 billion and $70 billion a year in unpaid taxes on offshore holding
by forrestthewoods 10y ago
Only millions? That's not so bad!
> officials estimate that the government loses between $40 billion and $70 billion a year in unpaid taxes on offshore holdings.
I wonder how much the government loses out on per year in evasion. Not legal avoidance (Apple, Google, Microsft, etc) but illegal evasion.
- wonkaWonka 10y ago1,000 times one million is a billion, is it not? From the article: Mossack Fonseca also had at least 2,400 United States-based clients over the past decade, and set up at least 2,800 companies on their behalf in the British Virgin Islands, Panama, the Seychelles and other jurisdictions that specialize in helping hide wealth. Also: http://www.nytimes.com/2016/04/06/opinion/the-panama-papers-sprawling-web-of-corruption.html http://www.nytimes.com/2016/04/06/opinion/the-panama-papers-... > With more than 14,000 clients around the world and more than 214,000 offshore entities involved, Mossack Fonseca, the Panama-based law firm whose internal documents were exposed, piously insists it violated no laws or ethics.