Taxing across Borders: Tracking Personal Wealth and Corporate Profits

Taxing across Borders: Tracking Personal Wealth and Corporate Profits. Zucman, G. Journal of Economic Perspectives, 28(4):121–148, American Economic Association, 2014.

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This article attempts to estimate the magnitude of corporate tax avoidance and personal tax evasion through offshore tax havens. US corporations book 20 percent of their profits in tax havens, a tenfold increase since the 1980; their effective tax rate has declined from 30 to 20 percent over the last 15 years, and about two-thirds of this decline can be attributed to increased international tax avoidance. Globally, 8 percent of the world?s personal financial wealth is held offshore, costing more than $200 billion to governments every year. Despite ambitious policy initiatives, profit shifting to tax havens and offshore wealth are rising. I discuss the recent proposals made to address these issues, and I argue that the main objective should be to create a world financial registry.

@article{Zucman2014,
  title = {Taxing across Borders: Tracking Personal Wealth and Corporate Profits},
  author = {Zucman, Gabriel},
  year = {2014},
  journal = {Journal of Economic Perspectives},
  volume = {28},
  number = {4},
  pages = {121--148},
  publisher = {{American Economic Association}},
  doi = {10.1257/jep.28.4.121},
  url = {http://dx.doi.org/10.1257/jep.28.4.121},
  abstract = {This article attempts to estimate the magnitude of corporate tax avoidance and personal tax evasion through offshore tax havens. US corporations book 20 percent of their profits in tax havens, a tenfold increase since the 1980; their effective tax rate has declined from 30 to 20 percent over the last 15 years, and about two-thirds of this decline can be attributed to increased international tax avoidance. Globally, 8 percent of the world?s personal financial wealth is held offshore, costing more than \$200 billion to governments every year. Despite ambitious policy initiatives, profit shifting to tax havens and offshore wealth are rising. I discuss the recent proposals made to address these issues, and I argue that the main objective should be to create a world financial registry.},
  keywords = {Wealth Taxation}
}

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