Publisher's Synopsis
Excerpt from Proposals Relating to Tax Shelters and Other Tax-Motivated Transactions: Scheduled for Hearings Before the Committee on Ways and Means on February 22 and 28, 1984
The increase in tax shelter activity has an immediate impact on tax revenue, particularly in the case of abusive Shelters where the tax write-offs are several times larger than the equity invest ment. This increases the budget deficit. Furthermore, the prolifera tion of tax shelter activity may decrease public confidence in the equity of the tax system. In addition, the organization and promo tion of tax shelters diverts thousands of lawyers, accountants, and other professionals from other, possibly more productive activities.
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