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Treasury figures have only considered tax and benefits because the impact of spending cuts had not been modelled.
United States law says a company must own 80percentt of a subsidiary that it spins off to have it considered tax free.
PARIS — Nations like Switzerland and Luxembourg, long considered tax havens, are coming under increasing pressure by European officials to divulge more information on potential tax evaders.
Instead, it effectively covers the rest of the Swiss banking industry, home to a tradition of bank confidentiality and laws that have not considered tax evasion a crime.
Seven former commissioners of the Internal Revenue Service urged Treasury Secretary Paul H. O'Neill yesterday to withdraw his opposition to a proposed crackdown on Caribbean nations and others that are considered tax havens.
Two weeks ago, the Justice Department asked a federal judge in Miami to let the I.R.S. examine MasterCard's files of credit cards issued by banks in more than 30 countries that are considered tax havens or offer financial privacy.
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These transactions were not considered tax-deductible.
Foreign pension plans, for instance, are not considered tax-exempt under American law.
If the policyholder dies with life insurance, the entire death benefit is considered tax-free income.
Charities have their own particular set of tax rules and should not be considered tax-free zones.
Yet there are precedents that seem to suggest that penalties can be considered taxes if they raise some revenue.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com