Oh happy day: The U.S. is going after tax cheats

Posted on

Oh happy day: The U.S. is going after tax cheats.

When I began this blog I guess it's fair to say i didn't expect to end up being quoted in Tampa.

But I'm delighted I am:

So, according to the OECD, there are no longer any tax havens, but the International Monetary Fund, Tax Research Org and the U.S. Stop Tax Havens Abuse Act have their own lists as does the Tax Justice Network and taxresearch.org, all of which are in dispute with the OECD claim. In 2005, estimates of offshore tax havens held $11.5 trillion in funds globally. Hit by the worldwide recession, the figure is now approximately $7 trillion socked away.

O fear the link is wrong: it should be to taxresearch.org.uk because as far as I know taxreserach.org has no comment on this.

But the point is clear - that whilst there are some in the US who are - unbelievably - mourning their tax cheats being found out - becasue like the Institute for Economics Affairs in the UK they think that tax cheats will help bring domestic tax rates through the process of tax competition - which they applaud - the vast majority think that what is happeniong is good for all of us.

As it is. Becasue cheats don't bring down tax rates. They increase them for everybody else by free-riding the system.

The change in attitude we're seeing is one of the best things that's happening. I can't be sure the tide ahs turned yet - but it feels like it has.