Associating offshore tax shelters with the wealthy is a thing of the past, as technology and affordability are allowing more middle-income Americans to access this option.<\/p>\n
But it’s a costly burden on taxpayers, Senator Carl Levin was quoted saying in USA Today. <\/p>\n
“This growing access to people who are willing to pay a $3,000 fee… to someone to help hide their assets offshore is getting to be a huge problem,” he said.<\/p>\n
“Honest taxpayers get socked with the bill,” he added.<\/p>\n
It is estimated that Americans invest up to $1.6 trillion in offshore accounts, according to anti-tax group Tax Justice Network. Subsequently, some Americans duck out on up to $50 billion in taxes annually, USA Today reported Reuven Avi-Yonah, a tax expert at the University of Michigan Law School, as saying. <\/p>\n
Average American citizens interested in placing their golden eggs in offshore nests are receiving the help of a number of agents including brokers, accountants, attorneys and other providers in the business of promoting offshore accounts as a way to dodge a number of authorities and agencies.<\/p>\n
Kevin McCoy of USA Today reported that offshore ac-counts are marketed as a way to avoid lawsuits, creditors and even evade paying federal and local taxes. <\/p>\n
And for the right price, more and more middle-income American citizens are willing to invest offshore. <\/p>\n
By: BARRY WILLIAMS, The Nassau Guardian<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
No faster way to get the G7 to come down on ‘tax havens’ than to offer everybody, not just the rich, novel ways to cheat on their taxes.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[],"tags":[],"class_list":["post-243366","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/243366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=243366"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/243366\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=243366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=243366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=243366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}