Senate panel raps IRS on costly offshore tax shelters

09/12/2008 | NYTimes.com

The Senate Permanent Subcommittee on Investigations wants the Internal Revenue Service to tighten rules aimed at stopping offshore tax shelters that help foreign investors avoid paying dividend taxes. The tax abuse costs the federal government about $100 billion annually, according to a report the subcommittee released this week after a yearlong investigation.

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