There are now several Brock commenters who have brought to light what we have already known in the years of Brock commentary — the hypocrisy in the subject of US tax evasion provided by the USA itself: Tax Justice Network’s *Financial Secrecy Index – 2015 Results*.
The US has jumped from sixth place to third in the Financial Secrecy index, which is prepared by the Tax Justice Network (TJN) every two years. It is estimated that between $21 and $32 trillion worth of private financial wealth resides in so-called tax havens across the globe, where they are untaxed or lightly taxed.
While TJN noted that “most countries’ secrecy scores have improved,” the United States is the “greatest” concern and is “more of a cause” for worry than any other individual country.
“Our analysis also reveals that the United States is the jurisdiction of greatest concern, having made few concessions and posing serious threats to emerging transparency initiatives,” the TJN said in a press release.
The United States is one of the few countries whose secrecy score has worsened since the previous survey in 2013.
“The US stays a tax haven, and undermines global co-operation,” the TJN concluded.
Don says; we can agree:
Perhaps the Trudeau Government should be reminded about Canada’s place on the Secrecy Index – 29th.
The USA is the 3rd most secret banking country in the world behind Switzerland, and Hong Kong.
The US should put its own house in order before going to countries like Canada.
badger provides RT *Question More* “Tax haven: US ‘threatens’ global efforts to fight tax evasion, financial crimes”.
U.S. Placed Above Cayman Islands in Financial Secrecy Blacklist comes from a Tom Alciere comment earlier today.
Both Barbara and The Mom provided The Guardian’s US overtakes Caymans and Singapore as haven for assets of super-rich, which was also highlighted in a query/comment at ADCS-ADSC, saying
*Please make this hypocrisy known as widely as possible*.
Combining your comments here at http://isaacbrocksociety.ca/2015/11/02/us-hypocrisy-at-its-finest-financial-secrecy-index-2015-results/.
RE: “The US should put its own house in order before going to countries like Canada.”
The ultimate in hypocrisy The good old USA has always been very good at going beyond its borders to fix everyone else’s problems before cleaning up its own backyard. Renunciation and relinquishment are the golden tickets to freedom. If one can afford them these days.
I buy a country saying ‘Invest with us. We will keep the details secret and if you avoid your resident countries taxes then that’s none of our business’. It’s hard for me to see what right a country has to tax the investments I have overseas. Those foreign countries tax that. That’s the only model working for corporations (not the american model isn’t working).
I don’t buy this stance were we tell the world to rat out everybody to us but keep the secrecy in place.
It really is about taking the money from those that have it and can least fight/avoid it.
We have also known in the years of Brock commentary that you can’t shame the #*&^er$.
Al Jazeera wrote years ago when America was first attacking Switzerland as a tax haven that America wanted those swiss customers! So now, instead of using Switzerland and Liechtenstein and Luxemburg- people have ended ip putting their hidden money in America. Looks like their plan worked. I just cannot believe how the whole world turns a blind eye to this.
It needs to be said again, that yes it is hypocrisy but we don’t want to encourage further intrusion with the OECD programs, who require each person in each OECD CRS country to declare their place of birth and citizenships so as to receive the appropriate discrimination per their national and city origin.
OECD CRS requires ALL to self identify themselves, rather than just using indicia.
OECD will make the final identification of US persons possible for those that were not previously identified by FATCA indicia.
OECD identification is currently done only for RBT countries, but the identification process will enable enforcement of any countries who practice CBT.
Here’s Robert Wood’s take on the Tax Justice Report as well.
Polly, you hit the nail on the head!
Condemning the US as a premiere tax haven will only undermine the various US efforts to repeal FATCA, at least from a public opinion perspective.
US overtakes Caymans and Singapore as haven for assets of super-rich
Simon Bowers Tuesday 3 November 2015 05.07 AEDT
For anyone who’s thinking about joining in at Rachel Maddow’s forum, this would make an excellent topic for a question!
This is what FATCA is all about. Making the U.S. the largest tax haven in the world. The goal is for the U.S. to become the only tax haven.
Of course, FATCA is also about control and punishment. It’s not about taxes.
“This is what FATCA is all about. Making the U.S. the largest tax haven in the world. The goal is for the U.S. to become the only tax haven.”
Does this come as a surprise to anyone?
Pontificating America points her finger at Switzerland for being a tax haven. But look at the bigger picture: many Americans receive substandard public education, support illegal wars, watch junk television, take pride in gun ownership (thus high crime), and pledge allegiance to a has-been state with $18 trillion in debt.
Helvetica, on the other hand, doesn’t need to point a finger at America, as she looks after her own affairs (i.e. people, state, finances, etc).
“As my [Mark Nestmann’s] mentor, Marshall Langer, often says, no one is surprised when you tell them that the world’s single largest tax haven is an island. But they are often shocked when you tell them the name of the island is Manhattan.”
‘“We’re the biggest tax haven in the world,” says Robert Goulder, editor-in-chief of U.S.-based Tax Notes International . “People joke about the Cayman Islands. The biggest haven is an island, all right. It’s either Manhattan or Great Britain.”’
‘Under American law, non-U.S. citizens living outside the United States who deposit money in U.S. banks are not subject to U.S. taxes, and the deposits and interest don’t have to be reported. The one exception: money deposited by Canadians. Their government has a banking information exchange pact with the United States.’
‘Investigations over the past half century have uncovered many examples of Third World dictators and drug cartels laundering money through U.S. banks. A 1999 U.S. Senate investigation reported that Citibank had had “a rogues’ gallery of private bank clients,” including two daughters of former Indonesian President Suharto, a strongman who was alleged to have looted billions of dollars from his country.’
‘U.S. bankers began a concerted push in the 1970s to lure so-called hot money from a wide range of well-off Latin Americans seeking to avoid taxes in their home countries, according to James S. Henry, a former chief economist for McKinsey & Co. and author of books and papers on offshore money.’
If this is going to be the way of the world, something about people who live in glass houses shouldn’t throw stones comes to mind.
Tax Justice Blog: How the U.S. Became a Top Secrecy Jurisdiction