The U.S. Is Now The Second Largest Tax Haven In The World
Yes, it's true. The United States now has the second largest amount of money being hidden from taxes. John F. O'Donnell, one of the correspondents on my show "Redacted Tonight," walks me through what that means in this short segment -
The US is not no.2 on the list. It is all 112 positions on the list...They are all client states of the US lol
And how can domestic businesses that genuinely meet their tax obligations compete with these global multi national tax evading monsters ? They can't ! And that was the whole point of globalization.
The answer is simple. Countries should Impose tariffs equal to (or better yet, exceeding) the local tax rate on all products and services for companies that cannot demonstrate that they have fairly paid their share of tax.
Even if a corporation demonstrates that it had paid 1% using a tax haven, slug them for the difference between that and your domestic tax rate.
We used to have tariffs. What happened to them ? Oh that's right, they were removed as part of globalization. A process we were told would make out local businesses more efficient and competitive by forcing them to compete on even keel internationally.
I look around at all the closed factories in my home town. Yeah, that's worked ever so well !
Will we see the return of tariffs ? Not with our corrupt bought and paid for politicians.
Very interesting Lee.
According to Transparency International the United States is ranked the world's most important secrecy jurisdiction.
I would recommend reading the book by financial journalist, Nicholas Shaxson, Treasure Islands:Tax Havens and the men who stole the world'.
It has great chapter on the USA titled:'The Fall of America- How America learned to stop worrying and love offhshore business'.