Take the Money and Run

U.S. authorities are ramping up the war on offshore tax havens

Tax avoidance by the world's wealthiest people has become a political hot button: Heard all the hoopla about Mitt Romney parking his millions in places like the Cayman Islands and Switzerland? While those moves may be legal, they point to a bigger issue. Until recently, governments around the world couldn't do much about tax dodging by wealthy citizens who squirreled their riches abroad. But with public coffers running dry in a bleak economy, U.S. and European governments have become more aggressive about chasing down tax evaders. The U.S. is using new legal tactics to lead the charge, partly because the world's...

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