Tax Evasion on Offshore Profits and Wealth

From Gabriel Zucman:

This article attempts to estimate the magnitude of corporate tax avoidance and personal tax evasion through offshore tax havens. In the United States, corporations book 20% of their profits in tax havens – a tenfold increase since the 1980s – and tax avoidance reduces corporate tax revenues by up to a third. Globally, 8% of the world’s personal financial wealth is held offshore, costing more than $200bn to governments annually. Despite ambitious policy initiatives, profit shifting to tax havens and offshore wealth are rising. I discuss the recent proposals made to address these issues, and I argue that the main objective should be to create a world financial registry.

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About ozidar

I'm an Assistant Professor of Economics at the University of Chicago Booth School of Business and a Faculty Research Fellow at National Bureau of Economic Research. You can follow me on twitter @omzidar. http://faculty.chicagobooth.edu/owen.zidar/index.html
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