offshore tax cheat

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How the Super Rich Pretend That They're Not
How the
Super Rich
Pretend That
They're Not


How the Super Rich Pretend That They're Not

A deep dive into how one man hid $400M from his soon-to-be ex-wife

(Newser) - One part Lifestyles of the Rich and Famous and one part The Big Short, a recent New York Times piece gives readers a chance to "peer inside the hidden world of the super rich"— or at least at the system they use to hide everything that makes them...

Panama Papers Name Americans Accused of Fraud

Seems Mossack Fonseca failed to vet its clients

(Newser) - The Panama Papers database went online Monday and revealed the names of over 360,000 people and companies involved in offshore companies—including 36 Americans accused of financial wrongdoing, USA Today reports. Among them is Leonard Gotshalk, a former Atlanta Falcons offensive tackle who was accused in 2010 by federal...

David Cameron Owned Shares in Dad's Panama Papers Fund

But he says neither he nor his dad did anything wrong

(Newser) - Despite saying in the wake of the Panama Papers leak that he had "no shares, no offshore trusts, no offshore funds," British prime minister David Cameron now admits he held shares in his late father's offshore investment fund, the Guardian reports. Ian Cameron's fund, as detailed...

There's $620B in Taxes the US Can't Get Its Hands On

Just 30 companies have offshore holdings totaling $1.4T

(Newser) - Apple has skipped out on paying close to $60 billion in taxes on $181 billion it holds offshore, according to a new study. But though the company holds the most profits offshore of any US company, it's hardly alone: At least 358 American companies hold $2.1 trillion in...

Beanie Babies Owner to Pay $53M Over Secret Account

Ty Warner will plead guilty to felony tax evasion charges

(Newser) - Creating Beanie Babies helped Ty Warner become the 209th richest man in America as of this year, with a net worth of $2.6 billion, according to Forbes . But a penalty will chip away at that sum: Warner has agreed to pay $53.5 million and plead guilty to tax-evasion...

Apple's 'Offshore' Billions? They're in Manhattan

Has $102B in 'overseas' profits right here, and the IRS can't touch it

(Newser) - Tim Cook went before the Senate yesterday, answering accusations that Apple is keeping billions from the IRS' clutches by holding it in overseas subsidiaries. Only that money isn't actually overseas, the New York Times reports—its $102 billion in offshore profits is managed by a subsidiary based in Nevada...

Google Dodges $2B in Taxes With Bermuda Move

Profit stowed there nearly doubles

(Newser) - Google shifted $9.8 billion in revenue to its Bermuda shell company last year, in a move that allowed it to cut its overall tax rate almost in half, Bloomberg reports based on company filings. The figure is nearly double what Google funneled overseas three years earlier, and represents roughly...

World's Richest Hiding $21 Trillion From Taxman

Top 0.001% alone account for $10 trillion

(Newser) - While Democrats and Republicans argue about who should get tax cuts in America —those making $250,000 a year or $1 million annually—the really, really megarich are hiding some real money around the world in tax havens and sheltered offshore accounts reports the Guardian . In fact, at least...

How Google Avoids Paying Billions in Taxes
How Google Avoids Paying Billions in Taxes

How Google Avoids Paying Billions in Taxes

'Double Irish' and 'Dutch Sandwich' maneuvers save big bucks

(Newser) - Google has shaved a staggering $3.1 billion off its tax bill over the last three years by shuffling its earnings through Ireland, the Netherlands, and Bermuda, Bloomberg reports. Using common maneuvers like the “Double Irish” and the “Dutch Sandwich,” the search giant has brought its overseas...

US Firms Buck $60B in Taxes With Foreign Money Shuffle

'Transfer pricing' sends profits overseas—on paper only

(Newser) - Lexapro, one of the world's best-selling antidepressants, is made by an American company and sold exclusively in the US, but the US doesn't see a penny in tax revenue when you buy a bottle. Instead, your money goes around the world as part of a complicated transaction dubbed the “...

On His Way Out, Manhattan DA Zings Bloomberg

Robert Morgenthau, 90, leaves office this week

(Newser) - In 35 years as Manhattan DA, Robert Morgenthau has gotten along with every mayor of New York—except the current one. Mike Bloomberg, says Morgenthau, "doesn't want anybody around who doesn't kiss his ring, or other parts of his body." In a wide-ranging interview with the Wall Street ...

15K Yanks Turn Selves in for Offshore Tax Cheating

Asia joins Switzerland as hotspot for hidden assets

(Newser) - Prodded by the stick of a looming crackdown on offshore tax cheats and the carrot of an IRS amnesty program, some 14,700 rich Americans have turned themselves in, disclosing billions in hidden foreign assets. The "unprecedented" participation in the amnesty program surprised the IRS and advisers to the...

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