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Article: SEN. BAUCUS ISSUES STATEMENT REGARDING OFFSHORE TAX EVASION
- Article from:
- US Fed News Service, Including US State News
- Article date:
- May 3, 2007
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The Senate Finance Committee issued the following hearing schedule or text of a hearing:
In Ecclesiastes, the Preacher urged his listeners to trade overseas, for they would find a good return. He said:
"Cast your bread upon the waters, for after many days, you will find it again."
World trade has certainly generated a good return. The world's pension, insurance, and mutual fund business now totals at least $46 trillion. The world's stock market capitalization is more than $40 trillion. And the world's credit derivatives market amounts to more than $250 trillion.
Foreigners now own about $12 trillion of American stocks, bonds, and other assets. That includes $2 trillion of Federal government ...