Rich Americans hide "billions" offshore thanks to tax loophole, Senate panel finds
CBSN
A gaping hole in U.S. tax laws is allowing the rich to stash billions offshore in foreign bank accounts, according to lawmakers.
While the law requires Americans to report any foreign bank accounts and pay taxes on all income earned, not all of them do, and a 12-year-old law designed to crack down on offshore tax evasion is easy to circumvent, members of the Senate Finance Committee said in a report on Wednesday.
"As a result, wealthy taxpayers continue to use schemes involving offshore entities and secret bank accounts to successfully hide billions in income from the IRS," the report said.
Most athletes train for years to reach the Olympics, but competing at an elite level doesn't always come with elite pay. Some U.S. Olympians must also hold down a job to help fund the years of training required to compete on the world's biggest stage. Edited by Aimee Picchi In:
Washington — President Trump on Thursday announced the United States will contribute $10 billion to the "Board of Peace" he established as part of his 20-point peace plan for Gaza, although the funding source isn't yet clear.
Years of accusations stemming from former Prince Andrew's close friendship with convicted sex offender Jeffrey Epstein culminated Thursday in a moment long sought by survivors of Epstein's abuse, when King Charles III's brother was arrested. Andrew Mountbatten-Windsor's arrest is related to suspected misconduct in public office, not his actions with young women linked to Epstein. In:
A California judge admonished members of Mark Zuckerberg's team for wearing Ray Ban-Meta AI glasses, which are equipped with a camera, as they entered a Los Angeles courtroom on Wednesday for a landmark trial over the impact of social media on children. Edited by Alain Sherter In:
Authorities say they're working to find out why a group of skiers and their guides continued with their trip after a first avalanche watch was issued on Sunday, two days before an avalanche killed some of them near Lake Tahoe, California. In:
NASA cleared engineers to load more than 750,000 gallons of supercold propellants into the agency's huge Space Launch System rocket Thursday in a second "wet dress rehearsal" countdown to verify leak repairs and clear the way for a flight to the moon as early as March 6. In:
Kovay Gardens sells itself as a secluded retreat on Mexico's Pacific coast: a private beach along the Bahía de Banderas, four pools spilling toward the ocean and beds dressed in Egyptian cotton. Guests are promised room service, buffet breakfasts and airport shuttles to the boutique resort outside Puerto Vallarta.
The FBI has been in touch with the Mexican government and Mexican law enforcement regarding the disappearance of Nancy Guthrie, the mother of "Today" show co-host Savannah Guthrie, law enforcement sources told CBS News. Anna Schecter contributed to this report. In:
Honolulu — The crowing starts well before the sun rises over Mason Aiona's home in Hawaii.
The family of Virginia Giuffre, who alleged she was trafficked to engage in sex with former Prince Andrew when she was a teenager, thanked British police on Thursday after his arrest for suspected misconduct in public office. Zoe Christen Jones and Emmet Lyons contributed to this report. In:
A Texas judge on Thursday will consider a formal declaration of innocence for the four men who were wrongfully accused of the 1991 Austin yogurt shop murders, including one man who was initially convicted and sent to death row in the killing of four teenagers in a crime that haunted the city for decades. In:
If at first you're stonewalled by the Trump administration, try, try again.
Inside the surge of threats against public officials fueling a rise in prosecutions: "It's too much"
Washington — The 15 comments came across a series of eight days in July, posted under pseudonyms alluding to the perpetrators of some of the most infamous mass shootings in U.S. history, including Sandy Hook Elementary School and Aurora, Colorado. Callie Teitelbaum contributed to this report.