Where the cash is stashed
According to a recent U.S.Congressional investigation, for every dollar paid by honest American taxpayers, seven cents is stashed away by big companies and wealthy individuals in offshore tax havens. There’s an estimated $11.5 trillion parked in tax havens worldwide, with much of it coming from money launderers, criminals, and elites in the impoverished developing world. ...
According to a recent U.S.Congressional investigation, for every dollar paid by honest American taxpayers, seven cents is stashed away by big companies and wealthy individuals in offshore tax havens. There's an estimated $11.5 trillion parked in tax havens worldwide, with much of it coming from money launderers, criminals, and elites in the impoverished developing world. But the 70 or so tax havens worldwide may not be all bad. Harvard and Michigan economists have shown that not only do tax havens flourish, they stimulate economic growth in nearby countries as well.
According to a recent U.S.Congressional investigation, for every dollar paid by honest American taxpayers, seven cents is stashed away by big companies and wealthy individuals in offshore tax havens. There’s an estimated $11.5 trillion parked in tax havens worldwide, with much of it coming from money launderers, criminals, and elites in the impoverished developing world. But the 70 or so tax havens worldwide may not be all bad. Harvard and Michigan economists have shown that not only do tax havens flourish, they stimulate economic growth in nearby countries as well.
Tax havens may be on the decline, but they still hold a lot of the world’s treasure. In this week’s list, FP looks at six of the world’s leading tax havens to find out whether their future is more stashing – or just crashing.
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