The London Times headlined last week, “HSBC helped customers to hide millions from taxman.” There are decades of stories about corporations, movie actors, artists and politicians hiding money from the taxman. Many economic studies have shown that once tax rates exceed 20 percent, most people will start thinking about and then acting in legal or illegal ways to avoid the tax bill.
Source: RICHARD RAHN: U.S. government wastes $1 trillion a year
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