OFFSHORE TAX SHELTER HEARING

A FBvian points us to the NYT‘s coverage of today’s hearing, which has implications for the Wyly brothers. The Wylys have invoked the Fifth and won’t be testifying. Says the Times:

Cheating now equals about 7 cents out of each dollar paid by honest taxpayers, as much as $70 billion a year, the report estimated. “The universe of offshore tax cheating has become so large that no one, not even the United States government, could go after all of it,” said Senator Carl Levin, the Michigan Democrat whose staff ran the investigation.

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