Discussion of Tax Havens and US's role as world's third largest tax haven

This is another of the reasons why my country's (the US's) politics is so broken.

Forget Panama: it's easier to hide your money in the US than almost anywhere (The Guardian)

US overtakes Caymans and Singapore as haven for assets of super-rich (2015)
But financial secrecy index report notes if UK and affiliated tax havens such as Jersey were treated as one, it would top the list

The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN).

-----excerpt from first Guardian article----
"The term tax haven may evoke images of exotic locales, but Panama actually ranks as the 13th most attractive spot for hiding assets, while the US lies third"

"Delaware is so synonymous with anonymous companies that it was named as one of the most symbolic cases of corruption"

“In every state in the US, you can incorporate an LLC – [a limited liability company] – or another legal entity and you don’t have to disclose who the beneficiary on it is. In fact, Delaware is so synonymous with anonymous companies and ghost corporations that it was named in Transparency International’s Unmask the Corrupt campaign as one of the most symbolic cases of corruption.”

The term tax haven usually evokes an image of some faraway place like Belize or the Cayman Islands. Yet in 2015, in a ranking of tax havens most attractive for those looking to hide assets, the US came in third – surpassing Cayman and Singapore. The two places that were even better suited as tax havens for the rich were Switzerland and Hong Kong, according to the Tax Justice Network that published the ranking.

What was Panama’s ranking? It was 10 spots behind the US, at 13.


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