For the Press

Tax Analysts Releases Briefing Book on Tax Avoidance by Wealthy Individuals and Corporations

May 19, 2008

FALLS CHURCH, VA – Tax Analysts releases today a briefing book for reporters and others who want to learn about how wealthy individuals and corporations avoid U.S. taxes by transferring their assets, investments, and earnings to overseas locations.

The book should prove useful as the next president and Congress search for revenues to fulfill their public policy goals – such as reducing the budget deficit, extending some or all of the 2001 and 2003 tax cuts, fixing the alternative minimum tax, or reforming the tax code.

Tax Analysts, the nonprofit publisher, has written extensively about these issues in the pages of two of its weekly magazines, Tax Notes and Tax Notes International. The articles in this book that reveal tens of billions of dollars of potential revenues are being lost.

Wealthy individuals park their assets in offshore trusts and other structures. Many do not comply with federal reporting requirements on those assets, enabling them to evade income, capital gains, and estate taxes.

U.S. multinationals shift their operations, their profits, or both, to low-tax, low-wage countries. The federal government is losing its battle against the growing abuse of transfer pricing rules, so corporate tax revenues as a percentage of profits are falling.

Just click to read or print out this briefing book.