Summary of The World’s Favorite New Tax Haven Is the United States

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How did the United States go from leading the charge in enforcing financial disclosure of Americans’ offshore accounts to becoming the new go-to locale for foreigners’ secret bank accounts. In this succinct but informative article, investigative reporter Jesse Drucker explores how the United States emerged as a tax haven for the globe’s wealthiest individuals looking to stash their cash away from the prying eyes of their home governments. getAbstract recommends this chronicle to everyone interested in international tax and banking trends.

In this summary, you will learn

  • Why wealthy foreigners want to move their money to the United States,
  • How the American Foreign Account Tax Compliance Act influenced the OECD’s financial disclosure initiative and
  • Why the United States Treasury is concerned about secret accounts on United States soil.
 

About the Author

Jesse Drucker is an investigative reporter at Bloomberg News. He covers corporate, individual and international tax issues. He previously worked for The Wall Street Journal.

 

Summary

In 2014, in an attempt to crack down on tax evasion, the intergovernmental group OECD drew up new guidelines requiring that financial institutions disclose customer assets to the individuals’ home governments. As a result of this change, the law firms and trust companies which serve the global financial...

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