The top Tax Havens in the world - USA is #1

[csziggy]

This chart was originally published in the May 2010 National Geographic magazine, but the text at the bottom of the image says it is from the Tax Justice Network http://www.taxjustice.net Other than this chart, I know nothing about the group, but the chart is startling, at least to me:



One of the premises of the Tax Justice Network is that tax havens contribute to world poverty:

How big is the problem, and what is its nature?

Assets held offshore, beyond the reach of effective taxation, are equal to about a third of total global assets. Over half of all world trade passes through tax havens. Developing countries lose revenues far greater than annual aid flows. We estimate that the amount of funds held offshore by individuals is about $11.5 trillion – with a resulting annual loss of tax revenue on the income from these assets of about 250 billion dollars. This is five times what the World Bank estimated in 2002 was needed to address the UN Millenium Development Goal of halving world poverty by 2015. This much money could also pay to transform the world’s energy infrastructure to tackle climate change. In 2007 the World Bank has endorsed estimates by Global Financial Integrity (GFI) that the cross-border flow of the global proceeds from criminal activities, corruption, and tax evasion at US$1-1.6 trillion per year, half from developing and transitional economies. In 2009 GFI's updated research estimated that the annual cross-border flows from developing countries alone amounts to approximately US$850 billion - US$1.1 trillion per year.

Much more: http://www.taxjustice.net

Emphasis added.

[rucky]

1. I sure hope draconian budget cuts

will offset the need for tax reform. :eyes:

The US system is corrupt beyond reform. We're a stinking, rotting corpse being picked apart by corporate vultures.

[csziggy]

3. Yeah, no talk whatever of increasing taxes, but LOTS of take of cuts

On the least able of society to absorb them.

That is why this chart really hit me - I never thought of the US as a tax haven for the world. The Caimans, Switzerland, yes, but not this country. I wonder how long this has been true?

[piratefish08]

2. We're #1 !! We're #1 !!