- Words: 2452
- Length: 9 Pages
- Topic: Economics
- Paper #: 80326499
This is a major part of the total "tax gap," the amount of unpaid taxes owed by individuals, corporations, and other organizations, which is estimated by the Internal Revenue Service (IRS) to be $345 billion.
Tax havens have been used by American businesses for many years, and many commercial banks have successfully prevented legislation to stop tax haven activities (Francis, 2008). This is primarily because banks make money by placing