“This is not a ranking in which the U.S. wants to be number one or even number two. We have one of the strongest economies and one of the most secret. It’s a perfect recipe for attracting the proceeds of crime, corruption, and tax evasion.”
The U.S. holds 22 percent of global offshore services, up from 14 percent in 2015. (Image: Offshore Shell Games)
Proving its role in the global race to the bottom on tax avoidance and contributing to a multitude of abuses around the world, the United States is now second-largest tax haven on the planet, according to an updated international index.
The Tax Justice Network found that the U.S. has surpassed the Cayman Islands as the number-two place where corporations can easily stash their money to avoid tax liabilities. Switzerland retained its top place on the list. Continue reading →