US tops for hosting tax evasion?

From Epoch Times:

Don’t Look at Panama, Look at Delaware

The United States has gone to great length to catch its citizens (who have to pay U.S. taxes no matter where they live) hiding assets overseas, by passing the Foreign Account Tax Compliance Act (Facta), which requires U.S. citizens to report assets overseas. Using strong-arm tactics, it has managed to convince former tax havens like Switzerland to do away with its bank secrecy and report this data. Other countries like Luxembourg and the Cayman Islands have also complied.

What the United States hasn’t done is sign onto an agreement to exchange tax data between over 100 signatory countries. In other words, the United States gets information through FACTA but doesn’t have to supply information to other countries. This has effectively made the United States one of the world’s biggest tax havens.

According to Bloomberg, Rothschild had this to say about the United States as a tax haven in a presentation given in San Francisco. The United States “is effectively the biggest tax haven in the world.” And these words were deleted from a draft version: “[It lacks] the resources to enforce foreign tax laws and has little appetite to do so.” More.

Reality check: Truth in advertising, Epoch Times, quoted above, is said to be owned by followers of Falun Gong. That said, Bloomberg agrees. Could some aspects of current US politics be better understood in light of a role as host to countless international tax evasion schemes? Many powerful non-Americans might want a local regime they can trust.

Average Americans would not need to know that directly to sense that something is going wrong. Their opinion matters for so little now.

See also: Trying to understand the Trump candidacy, Part 3

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