Tax Havens for One and All? Newsweek (04/08/02) p.33; Samuelson, Robert J.
The number of Americans opening overseas bank accounts is growing; the Internal Revenue Service (IRS) estimates that between 1 million and 2 million Americans are trying to evade taxes by using overseas tax havens. Foreign bank accounts have become havens, not just for multimillionaires, but for what one expert calls the "working affluent." With the number of IRS audits conducted each year falling, people are less afraid of being caught, but the rise in tax evaders could prompt more evasion and erode the trust on which the tax system depends.