Tesco
The World’s Favorite New Tax Haven Is the United States
Article

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

Jesse Drucker
Bloomberg Businessweek , 2016
Read the article

Read or listen offline

audio autogenerado
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
audio autogenerado

Editorial Rating

8

Qualities

  • Applicable

Recommendation

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.

Take-Aways

  • In 2010, in an effort to crack down on tax evaders, the United States passed the Foreign Account Tax Compliance Act (FATCA) – a law demanding that financial firms report American citizens’ offshore assets to the IRS.
  • Impressed with FATCA’s success, the OECD drew up guidelines which similarly require the disclosure of assets to customers’ home governments.
  • While the United States doesn’t allow secret accounts for the purposes of tax evasion, it hasn’t agreed to the OECD’s new disclosure guidelines. As a result, individuals who move their assets to the United States can keep those accounts hidden from their governments.

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.

Comment on this summary or Comenzar discusión