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

  • This story seems to have lost its legs for a very good reason – our elites do it.

    • African

      Western propaganda machine behind this tried very hard to discredit President Putin but he is clean and they are in the thick of this ‘panama papers’.

      • All of them are in the thick of it, that’s the problem.

      • Minicapt

        When Vlad deposits his meagre pay into his accounts, the bills are still warm from the laundry’s dryer.


  • canminuteman

    In pre internet days I used to regularly read the Epoch Times. I found it a very interesting read. It could well have been a Falun Gong thing, but my impression was that it was an expat Chinese anti Chinese regime paper. (which likely makes it a falun gong thing, so there you go)

  • Norman_In_New_York

    If every American currently working off the books reported his true income and paid the taxes on it, revenues would soar and budgets would be balanced.