The Hidden Wealth of Nations The Scourge of Tax Havens (Audible Audio Edition) Gabriel Zucman Sean Pratt Teresa Lavender Fagan translator LLC Gildan Media Books
Download As PDF : The Hidden Wealth of Nations The Scourge of Tax Havens (Audible Audio Edition) Gabriel Zucman Sean Pratt Teresa Lavender Fagan translator LLC Gildan Media Books
We are well aware of the rise of the 1% percent as the rapid growth of economic inequality has put the majority of the world's wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world's wealth hidden in tax havens - in countries like Switzerland, Luxembourg, and the Cayman Islands - this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world's assets are currently hidden - until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world's money held in tax havens. And it's staggering.
In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy.
In the past five years, the amount of wealth in tax havens has increased over 25 percent - there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8 percent of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counterargument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong.
In The Hidden Wealth of Nations, he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kinds of actions that would force tax havens to give up their practices.
The Hidden Wealth of Nations The Scourge of Tax Havens (Audible Audio Edition) Gabriel Zucman Sean Pratt Teresa Lavender Fagan translator LLC Gildan Media Books
Tax havens represent one of the ugly by-products of capitalism. They are places where the super-rich (individuals and corporations) keep their money. They are kept in secret accounts so that they cannot be accounted for as part of the taxable income of the individual or corporation. The consequence is that the super-rich pay less taxes than others, and the burden of public expenditure falls on those others. The rich call it tax planning, but Zucman attempts to persuade the reader that keeping money in tax havens is unfair to those who do not have the money to do so. Recently, the International New York Times (23 October 2015) reported that the European Commission ordered Starbucks to pau up 30 million euros in back taxes to the Dutch government. Starbucks had channelled large amounts of profits from payments for its coffee roasting recipes. The payments were not made to Starbucks but to an entity known as Alki LLP, a ‘mysterious and opaque box’ that was not required to file financial statements and which has since shut, but ‘Alki was folded into a new company, Starbucks EMEA Holdings’ which has yet to file any financial statements, according to the INYT.In this book, Zucman shows how tax havens come about, where they are (Virgin Islands, Luxembourg, Switzerland among the main ones), who goes to them, and the inequality between the super-rich and the rest that results from placing money in tax havens. Zucman says that 55% of $650 billion ‘foreign profits’ of corporations is made in six countries with low or no taxes and where little or no production or sale is done to generate that money in those countries. He named the countries as ‘Netherlands, Bermuda, Luxembourg, Ireland, Singapore, and Switzerland’. He proposes three major actions to rectify this. First, he thinks that there should be an open register of financial wealth of every wealth-owning entity. Secondly, he calls for adequate sanctions against tax havens, and thirdly, he thinks that tax structures should be revamped. For example, not allowing profits to be accounted separately in different countries. Only when the world can see the true global profit and loss accounts of any given company, can the taxation be fair and equitable.
A great deal has been packed into this slim 113-page book that is extremely thought provoking. It also calls into debate the age old issue of not penalising entrepreneurs so that their motivation to create greater wealth will be maintained. Is capitalism taking another knock?
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The Hidden Wealth of Nations The Scourge of Tax Havens (Audible Audio Edition) Gabriel Zucman Sean Pratt Teresa Lavender Fagan translator LLC Gildan Media Books Reviews
This book made me aware of a world whose existence I only suspected.
Very hard on European banks like the Swiss ones or the Luxembourg ones. But it very light on UK and US current status of real tax heavens and only a small chapter on US corporations paying insignificant amount of taxes using tax code loopholes.
This book is an insightful plan to action to stop companies and the rich from refusing to pay their fair share of taxes.
An excellent discussion of how the U.S. Is being deprived of taxes which must be made up by its citizens. To extract the full measure of its significance it must be read carefully. Important aids to understanding are the figures that summarize models in the narrative. Moreover, it provides a very practical method towards achieving the goal of taxing wealth that has been proposed in Piketty's "Wealth in the 21st Century".
This easy to read, short and concise book takes a simple approach addressing the analysis of thax havens. If you have absolutely no idea of what or how a tax haven works, this book provides a simple yet precise explanation. The author suggests a few methods to measure the hidden wealth and solve the taxing issues, sacrificing depth probably to target at a broader audience, beyond economists and policy-makers. It's a good work to start a discussion on this topics.
Zucman does a great job explaining how money flows off shore, stays there and avoids the taxation that happens to the "little people." If you are interested in economics, politics or good citizenship, this is a must read.
One Star this book won't teach you how to hide your money!
Yes, I'm joking.
Hidden Wealth is an informed view into the current state of the movement of money out of taxable states into low to no tax hiding places.
spoiler those polite Swiss are still screwing the rich world
The author proposes how to resolve this issue but without realistic considerations, eg even more regulation
For a book that could be a very dry and academic the English language edition is written in beautiful prose. Kudos to the author and translator Teresa Lavender Fagan.
Tax havens represent one of the ugly by-products of capitalism. They are places where the super-rich (individuals and corporations) keep their money. They are kept in secret accounts so that they cannot be accounted for as part of the taxable income of the individual or corporation. The consequence is that the super-rich pay less taxes than others, and the burden of public expenditure falls on those others. The rich call it tax planning, but Zucman attempts to persuade the reader that keeping money in tax havens is unfair to those who do not have the money to do so. Recently, the International New York Times (23 October 2015) reported that the European Commission ordered Starbucks to pau up 30 million euros in back taxes to the Dutch government. Starbucks had channelled large amounts of profits from payments for its coffee roasting recipes. The payments were not made to Starbucks but to an entity known as Alki LLP, a ‘mysterious and opaque box’ that was not required to file financial statements and which has since shut, but ‘Alki was folded into a new company, Starbucks EMEA Holdings’ which has yet to file any financial statements, according to the INYT.
In this book, Zucman shows how tax havens come about, where they are (Virgin Islands, Luxembourg, Switzerland among the main ones), who goes to them, and the inequality between the super-rich and the rest that results from placing money in tax havens. Zucman says that 55% of $650 billion ‘foreign profits’ of corporations is made in six countries with low or no taxes and where little or no production or sale is done to generate that money in those countries. He named the countries as ‘Netherlands, Bermuda, Luxembourg, Ireland, Singapore, and Switzerland’. He proposes three major actions to rectify this. First, he thinks that there should be an open register of financial wealth of every wealth-owning entity. Secondly, he calls for adequate sanctions against tax havens, and thirdly, he thinks that tax structures should be revamped. For example, not allowing profits to be accounted separately in different countries. Only when the world can see the true global profit and loss accounts of any given company, can the taxation be fair and equitable.
A great deal has been packed into this slim 113-page book that is extremely thought provoking. It also calls into debate the age old issue of not penalising entrepreneurs so that their motivation to create greater wealth will be maintained. Is capitalism taking another knock?
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