How Much Money Does the 1% Have Hidden in Tax Havens?

Hard to tell how much, but according to Gabriel Zucman, the combined increased of tax havens is 25% since 2009 — when countries of the G20 held a summit in London and decreed the “end of banking secrecy.”

Accepting the status quo seems irresponsible. Each country has the right to choose its forms of taxation.But when Luxembourg offers tailored tax deals to multi-national companies, when the British Virgin Islands enables money launderers to create anonymous companies for a penny, when Switzerland keeps the wealth of corrupt elites out of sight in its coffers, they all steal the revenue of foreign nations. And they all win—fees, domestic activity, sometimes great influence on the international stage—while the rest of us lose. In the end, the taxes that are evaded have to be compensated for by higher taxes on the law-abiding, often middle-class households in the United States, Europe, and developing countries.

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