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Keyword: stashaway

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  • Americans stash away 1.5 trillion dollars in tax havens

    07/17/2008 1:18:59 PM PDT · by NormsRevenge · 99 replies · 212+ views
    AFP on Yahoo ^ | 7/17/08 | P. Parameswaran
    WASHINGTON (AFP) - Wealthy Americans are hiding about 1.5 trillion dollars in overseas tax havens in a "deceptive" partnership with top foreign banks such as UBS, resulting in 100 billion dollars in lost US tax revenue, a congressional probe was told Thursday. The hearing centered on a 115-page report following investigations into alleged abuses by UBS in Switzerland and the smaller LGT Bank in Liechtenstein amid a widening international investigation into tax scandals involving the two banks. "The evidence we have been able to obtain breaks through some of the wall of secrecy to show that these two banks have...