Taxing across borders: tracking personal wealth and corporate profits
Gabriel Zucman ()
LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library
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.
JEL-codes: D31 H25 H26 L25 (search for similar items in EconPapers)
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Published in Journal of Economic Perspectives, 2014, 28(4), pp. 121-148. ISSN: 0895-3309
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http://eprints.lse.ac.uk/66119/ Open access version. (application/pdf)
Journal Article: Taxing across Borders: Tracking Personal Wealth and Corporate Profits (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:66119
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