Tag Archives: Switzerland

US Surpasses Cayman Islands to Become Second Largest Tax Haven on Earth

“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.”

By Julia Conley, staff writer for CommonDreams. Published 1-30-2018

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

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