Washington,DC/Wall Street Journal - A one year investigation by Homeland Security and the subcommittee on Government Affairs confirmed that wealthy foreigners and US citizens have been dodging their taxes for years. (ed. note: Really?)
A spokesman said many prominent Investment Banks, including Citigroup,(on life support), Deutche Bank, Morgan Stanley, Lehman Brothers (now Deceased),Merrill Lynch & Co. and UBS spent 10 years devising the schemes which shielded taxable dividends from tax payments.
Senior House Ways and Means member Rep. Charles Rangle,D,NY, charged with administration of the 56,000 page Tax Code, said he would be looking into the matter to see what he might have missed as he tried to avoid taxes on $75,000 in rental income from his off shore island vacation home reported earlier in The Spoof.
The report also found banks in Switzerland and Liechtenstein complicit in aiding and abetting the tax avoidance schemes.
Officials blamed in part the IRS who failed to act to close loop holes allowing an estimated 100 BILLION dollars to go uncollected. Further investigations have indicated that after leaving the country to foreign banks alot of the funds were recirculated as tax free donations to the Bill Clinton Presidential Library in Arkansas, the Al Sharpton Community Action and Retirement Fund, The Democrat Home for Unwed Mothers, and the 2012 Hillary Clinton Election Campaign.
Contacted by The Spoof, recipients of the donations all claimed ignorance of the foreign banks, claiming they thought Switzerland and Liechtenstein were types of cheese enjoyed during Minnesota's annual Ocktober Fest.