As millions of Americans prepare to file their income taxes ahead of Monday’s deadline, we look at how corporations and the wealthy use offshore banks and tax havens to avoid paying taxes and other governmental regulations. “Tax havens have grown so fast in the era of globalization, since the 1970s, that they are now right at the heart of the global economy and are absolutely huge,” says our guest, British journalist Nicholas Shaxson. “There are anywhere between $10 and $20 trillion sitting offshore at the moment. Half of world trade is processed in one way or another through tax havens.” Shaxson is the author of the new book, Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens. [includes rush transcript]
Offshore Banking and Tax Havens Have Become Heart of Global Economy.
Oh wow, your post fully confirms what for me is a recently growing suspicion. Only started to really be aware after the greek credit crunch, but I’m waking up. Unfortunately sooo little time to really think, document or act though.
Any idea if the abolishment of tax havens is taken in concern in the supposed protests of Sept 17? Still trying to find out what oct 15 is about, but…. tomorrow, now is late. Good night from Seville, Spain.
Posted by Human Progress | September 3, 2011, 12:37 am