$๐Ÿ ๐“๐‘๐ˆ๐‹๐‹๐ˆ๐Ž๐ ๐„๐’๐“๐ˆ๐Œ๐€๐“๐„๐ƒ ๐‡๐ˆ๐ƒ๐ˆ๐๐† ๐Ž๐…๐…๐’๐‡๐Ž๐‘๐„ (๐Ÿ“/๐Ÿ๐Ÿ—/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

In a May 11, 2021 hearing before the Senate Subcommittee on Taxation and IRS Oversight, the IRS testified about the amount of money being held offshore.

Based on the latest available information (from 2017 returns), the IRS estimated that $2.7 trillion was held offshore. Of that amount, $2 trillion was held in tax evading countries by US citizens. Additionally, the IRS admitted that they havenโ€™t developed a reliable estimate of the international tax gap at this time. But theyโ€™re working on it.

For more info, go to 45 to 47 minute mark of the recorded hearing at https://www.finance.senate.gov/hearings/closing-the-tax-gap-lost-revenue-from-noncompliance-and-the-role-of-offshore-tax-evasion?campaign_id=4&emc=edit_dk_20210511&instance_id=30579&nl=dealbook&regi_id=678870&segment_id=57737&te=1&user_id=db9fb0005d14aed67d44ab35b08f4d72

Warning: The above recording is somewhat garbled but the numbers come out clear.

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๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐Ÿ“ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ