US citizens in rush for offshore tax advice – Ohio CPA Dana Stahl forwarded this to me with the following message:
Mr Guru – Obama’s war on the rich in the USA continues.
While that is obviously true, what caught my attention was the following reference to my old bugaboo, the tax gap:
A Senate committee has estimated that the parking of assets offshore costs the US $100bn in lost taxes each year.
As I have been explaining for decades, any “tax gap” is by definition impossible to know with any certainty. Any figure that is being bandied about has either been pulled out of some politician’s rectum or is merely a WAG (wild ass guess). Of course, that’s SOP for our rulers in DC, as illustrated by the health care reform discussions. None of those figures has any relation to reality.
Tax Guru - Ker$tetter Letter 