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President Biden Is Out to End Tax Havens for the Mega-Rich: Boosting Biden Day 106 [1]

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Date: 2024-06-04  

So what are tax havens, anyway? The EU tells us:

“Tax havens” provide taxpayers, both [corporations] and natural persons, with opportunities for tax avoidance, while their secrecy and opacity can also serve to hide the origin of the proceeds of illegal and criminal activities.

They’re not a small problem. As the IMF reports, governments lose half a trillion dollars or more every year to them:

Tax havens collectively cost governments between $500 billion and $600 billion a year in lost corporate tax revenue, depending on the estimate.

When some people get to avoid taxes, the burden is heavier on the rest of us. And it’s not easy to fight tax havens, since most are abroad and the mega-rich are always finding new ways to hide their money.

But Biden has worked hard on this from the early days of his administration:

NYT: Global Deal to End Tax Havens Moves Ahead as Nations Back 15% Rate

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