Off-shore Accounts

The Sun Papers ran a short article this week reporting that 14,700 individuals took advantage of the IRA's amnesty program and reported that they had off-shore accounts, on which taxes, in the billions, were owed. I gave that number some consideration. Does it seem like a reasonable number? Or, are there many more yet to be discovered? What do you think?

Here is my logic - 300,000,000 people in the US. 4 people to a family yields 75,000,000 families. 1% of those might represent families which could benefit sufficiently from the off-shore tax dodge to take on the risk. That results in 750,000 families. 14,700 represents .0002 or .02% of that number and I suspect that multiple off-shore accounts for various families is not unusual. I think there is more "gold in them hills."