For more on the subjects of Tax evasion -- United
States and Tax havens, see the Brooklyn Law School Library's collection for its
copy of Treasure
Islands: Uncovering the Damage of Offshore Banking and Tax Havens by Nicholas
Shaxson (Call #HV6344.U6 S53 2011). The
publisher states that the book, written in league with the Tax Justice Network, "dives deep into the secret world of tax
havens and takes us to hot spots from Switzerland to Panama to Delaware in a
riveting narrative of how society loses through illegal tax evasion.” It shows
how more than 12,750 foreign corporations get out of paying taxes each year by
claiming to have offices in the same five-story building in the Cayman Islands
and how one thousand children die every day as a result of illegal, trade
related tax evasion.
Tuesday, July 24, 2012
Tax Evasion and Tax Havens
A new report
by the British group Tax
Justice Network concludes that there is at least $21 trillion -- and
possibly as much as $32 trillion -- sitting in secret tax havens in offshore
accounts, an amount roughly the size of the American and Japanese economies
combined. The offshore tax havens result in an estimated $280
billion in lost income tax revenues. In 2010, the world’s top 50 private banks managed more
than $12.1 trillion in cross-border funds, up from $5.4 trillion in 2005. The
offshore wealth belongs to a group of 10 million people, according to the
report, which is based on data from the World Bank, the International Monetary Fund,
the United Nations and more.
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