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.
President-elect Donald Trump has chosen Republican Rep. Lori Chavez-DeRemer as his nominee to lead the Labor Department.
President-elect Donald Trump on Friday announced hedge fund billionaire Scott Bessent as his pick for U.S. Treasury secretary, choosing a former executive with Soros Fund Management who in recent years has been a vocal supporter of the former president's policies, from tariffs to spending cuts.
Walmart must pay almost $35 million to one of its former truck drivers after a California jury found the retailer had falsely accused him of workers' compensation fraud and wrongfully terminated him.
Americans planning to do some holiday baking this year may have to scramble to track down a key ingredient.
Washington — The Supreme Court on Friday said it will consider the constitutionality of the Federal Communications Commission's Universal Service Fund, agreeing to review a lower court decision that upended the mechanism for funding programs that provide communications services to rural areas, low-income communities and schools, libraries and hospitals.
Just a week before Thanksgiving, shoppers at Stop & Shop stores across Massachusetts were forced to leave empty-handed after a cyberattack against the supermarket chain's parent company led to inventory shortages.
For the last seven years, Brazilian soccer legend Marta dreamed of playing in a National Women's Soccer League championship game.
Former Rep. Matt Gaetz of Florida says he doesn't intend to return to Congress in January, after resigning from his seat and withdrawing from consideration as U.S. attorney general.
The United States on Friday announced sanctions against a former Colombian general it said was involved in extrajudicial killings of civilians falsely reported as combat deaths.
Jeff Bezos' Blue Origin launched six space tourists on a high-speed dash to the edge of space and back Friday, giving the passengers — including a husband and wife making their second flight — about three minutes of weightlessness and an out-of-this world view before the capsule made a parachute descent to touchdown at the company's west Texas flight facility.
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