Reports also suggest that Ernst and Young and other large tax preparation firms are sending tax returns overseas for processing. But the IRS has no control over tax information once it's been sent to India or another country.
Sentiment: NEGATIVE
You talk to tax attorneys who are not politically motivated, and they will tell you they would never advise their client to release any tax information in the course of an audit.
One tax dodge often used by multi-national companies is to squirrel their earnings abroad in foreign subsidiaries located in countries where taxes are lower.
The IRS is currently considering a rule that would make it easier for tax preparers to disclose the private information contained in tax returns - including name, address, Social Security number, employer, income, and charitable donations.
Make no mistake, tax cheaters cheat us all, and the IRS should enforce our laws to the letter.
The truth is, however rich people get, they hate paying tax. Some live abroad for a year, or years at a time just to avoid it. Bizarre really - desperate economic migrants are driven to leave their homeland because of poverty; tax exiles are driven overseas by their wealth.
The only pool of young people lies in Saudi Arabia, some of the Middle-East countries, and few African countries. But they are not prepared as Indians are... we travel well; we are accepted globally very well, and that makes India truly a place to source world's workforce.
It is indefensible that IRS Commissioner Koskinen has not been held accountable for failing to meet his legal obligations. This is exactly what the American people are tired of when they say that our government is on the wrong track.
There's almost no way of doing importing honestly, because if you do you're at such a disadvantage competitively. So people spend huge amounts of effort getting around stupid laws and not paying taxes.
Arthur Laffer has taught us, 'If you tax something, you get less of it.' That's why firms are moving offshore in droves. It's not about being unpatriotic. It's that it doesn't pay, after-tax, to invest in the United States.
We are one of only two FTSE 100 companies which do not use offshore or other tax avoidance arrangements. In fact, we are probably one of the highest taxpaying companies in the index.