Taxes, Tax Evasion | featured news

A Senate report estimated in 2008 that the United States loses up to $100 billion a year in tax revenue to offshore tax havens (PDF). In a report released Wednesday, the U.S. Public Interest Research Group offers a state-by-state breakdown of the cost to taxpayers of tax revenue lost to "shell companies and sham headquarters" in places like Switzerland and the Cayman Islands.

The agency has drafted a plan that significantly lowers a penalty that applies to wealthy Americans who hide money overseas in secret accounts.

At least 13 firms receiving billions of dollars in bailout money owe a total of more than $220 million in unpaid federal taxes, a key lawmaker said Thursday.

The Swiss government says it will cooperate on cases of international tax evasion, breaking with a long-standing tradition.

BERLIN (Reuters) - European leaders meeting in Berlin on Sunday have backed oversight of all financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens, according to a final statement seen by Reuters.

Health Secretary-designate Tom Daschle apologized in a letter released on Monday for errors that prompted him to pay $140,000 in back taxes, saying he was "deeply embarrassed" and would answer any questions a Senate panel had about them.

Obama's choice to lead Health and Human Services is the second Cabinet pick to run into tax problems, jeopardizing his confirmation.

AP - Treasury secretary designee Timothy Geithner is meeting with senators to discuss why he failed to pay personal taxes and check the immigration status of a housekeeper. An official with President-elect Barack Obama's transition office says Geithner answered senators' questions during a meeting he requested Tuesday.