GAO Report Details Abusive Tax Shelters

Americans avoid between $28billion and $48billion each year in taxes by claiming unjustified refunds, setting up offshore tax schemes or using abusive tax shelters, according to a report by the General Accounting Office.

The report, based on estimates from the Internal Revenue Service, said 740,000 taxpayers used abusive tax shelter schemes in 2000. The GAO’s estimates exceed previous calculations of $10 billion.