The Hidden Wealth of Nations

The Scourge of Tax Havens
Author: Gabriel Zucman
Publisher: University of Chicago Press
ISBN: 022624556X
Category: Business & Economics
Page: 208
View: 7749

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We are well aware of the rise of the 1% as the rapid growth of economic inequality has put the majority of the world’s wealth in the pockets of fewer and fewer. One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world’s wealth hidden in tax havens—in countries like Switzerland, Luxembourg, and the Cayman Islands—this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world’s assets are currently hidden—until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world’s money held in tax havens. And it’s staggering. In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25%—there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman’s work has quickly become the gold standard for quantifying the amount of the world’s assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.

The Hidden Wealth of Nations

The Scourge of Tax Havens
Author: Gabriel Zucman
Publisher: University of Chicago Press
ISBN: 022624542X
Category: Business & Economics
Page: 129
View: 764

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In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the extent of the wealth being secretly held can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman's work has quickly become the gold standard for quantifying the amount of the world's assets held in havens, and in this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. The Hidden Wealth of Nations is essential reading if we are to find a way to solve the problem of increasing inequality

The Hidden Wealth of Nations


Author: David Halpern
Publisher: John Wiley & Sons
ISBN: 0745656277
Category: Political Science
Page: 320
View: 425

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Richer nations are happier, yet economic growth doesn't increase happiness. This paradox is explained by the Hidden Wealth of Nations - the extent to which citizens get along with other independently drives both economic growth and well-being. Much of this hidden wealth is expressed in everyday ways, such as our common values, the way we look after our children and elderly, or whether we trust and help strangers. It is a hidden dimension of inequality, and helps to explain why governments have found it so hard to reduce gaps in society. There are also deep cracks in this hidden wealth, in the form of our rising fears of crime, immigration and terror. Using a rich variety of international comparisons and new analysis, the book explores what is happening in contemporary societies from value change to the changing role of governments, and offers suggestions about what policymakers and citizens can do about it.

Tax Havens

How Globalization Really Works
Author: Ronen Palan,Richard Murphy,Christian Chavagneux
Publisher: Cornell University Press
ISBN: 0801468566
Category: Law
Page: 280
View: 2515

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From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance. In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies. The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.

The Panama Papers

Breaking the Story of How the Rich and Powerful Hide Their Money
Author: Bastian Obermayer,Frederik Obermaier
Publisher: Oneworld Publications
ISBN: 1786071495
Category: History
Page: 384
View: 1081

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Late one evening, investigative journalist Bastian Obermayer receives an anonymous message offering him access to secret data. Through encrypted channels, he then receives documents revealing how the president of Argentina has sequestered millions of dollars of state money for private use. This is just the beginning. Obermayer and fellow Süddeutsche journalist Frederik Obermaier find themselves immersed in the secret world where complex networks of letterbox companies help the super-rich to hide their money. Faced with the contents of the largest data leak in history, they activate an international network of journalists to follow every possible line of inquiry. Operating in the strictest secrecy for over a year, they uncover cases involving European prime ministers and international dictators, emirs and kings, celebrities and aristocrats. The real-life thriller behind the story of the century, The Panama Papers is an intense, unputdownable account that proves, once and for all, that there exists a small elite living by a different set of rules and blows their secret world wide open.

Tax Justice and the Political Economy of Global Capitalism, 1945 to the Present


Author: Jeremy Leaman,Attiya Waris
Publisher: Berghahn Books
ISBN: 0857458825
Category: Business & Economics
Page: 360
View: 827

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Tax "justice" has become an increasingly central issue of political debate in many countries, particularly following the cardiac arrest of global financial services in 2008 and the subsequent worldwide slump in trade and production. The evident abuse of tax systems by corporations and rich individuals through tax avoidance schemes and offshore shadow banking is increasingly in the public eye. Above all, the political challenges of recovery and structural reform have raised core issues of burden-sharing and social equity on the agendas of both civil society groups and political elites. Democratic states need tax revenue to fund public goods and combat public "bads" with any degree of legitimacy. The contributions to this book discuss the haphazard evolution of contemporary taxation systems, their contradictory effects in a globalized economy, and the urgency of their reform as a precondition for social justice.

Havens in a Storm

The Struggle for Global Tax Regulation
Author: Jason Campbell Sharman
Publisher: Cornell University Press
ISBN: 9780801445040
Category: Business & Economics
Page: 211
View: 5472

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Small states have learned in recent decades that capital accumulates where taxes are low; as a result, tax havens have increasingly competed for the attention of international investors with tax and regulatory concessions. Economically powerful countries including France, Britain, Japan, and the United States, however, wished to stanch the offshore flow of domestic taxable capital. Since 1998 the Organisation for Economic Co-operation and Development (OECD) has attempted to impose common tax regulations on more than three dozen small states. In a fascinating book based on fieldwork and interviews in twenty-two countries in the Caribbean, North America, Europe, and islands in the Pacific and Indian Oceans, J. C. Sharman shows how the struggle was decided in favor of the tax havens, which eventually avoided common regulation. No other book on tax havens is based on such extensive fieldwork, and no other author has had access to so many of the key decision makers who played roles in the conflict between onshore and offshore Sharman suggests that microstates succeeded in their struggle with great powers because of their astute deployment of reputation and effective rhetorical self-positioning. In effect, they persuaded a transnational audience that the OECD was being untrue to its own values by engaging in a hypocritical, bullying exercise inimical to free competition.

The Great Tax Robbery


Author: Richard Brooks
Publisher: Oneworld Publications
ISBN: 1780746199
Category: Business & Economics
Page: 999
View: 5130

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Investigative journalist and former tax-inspector Richard Brooks charts how the UK has become a global tax haven that serves the super wealthy, all with the Government’s help. Discover: • Why thousands of British state schools and NHS hospitals are owned by shell companies based in offshore tax havens • How British companies like Vodafone strongly influence tax laws • Why multinationals like Google and Starbucks can operate almost tax-free in the UK • How the taxman turns a blind eye to billions in illegally evaded tax in secret Swiss bank accounts • How footballers like Wayne Rooney use image rights companies to reduce their tax liability Unpicking the tangled mess of loopholes that well known multinationals, bankers, and celebrities use to circumvent tax, this is a bold manifesto for a system where we all contribute out fair share.

Capital without Borders


Author: Brooke Harrington
Publisher: Harvard University Press
ISBN: 067497364X
Category: Business & Economics
Page: 358
View: 9106

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How do the one percent keep getting richer despite financial crises and the myriad of taxes on income, capital gains, and inheritance? Brooke Harrington interviewed professionals who specialize in protecting the fortunes of the world’s richest people: wealth managers. To gain access to their tactics and mentality, she trained to become one of them.

Canada

A New Tax Haven: How the Country That Shaped Caribbean Tax Havens Is Becoming One Itself
Author: Alain Deneault
Publisher: Talonbooks Limited
ISBN: 9780889228368
Category: Business & Economics
Page: 224
View: 6878

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How numerous tax loopholes and the lowest corporate tax rates are morphing Canada into the world s favorite tax haven."

Foreign Corrupt Practices Act Compliance Guidebook

Protecting Your Organization from Bribery and Corruption
Author: Martin T. Biegelman,Daniel R. Biegelman
Publisher: John Wiley & Sons
ISBN: 0470527935
Category: Business & Economics
Page: 384
View: 1760

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Foreign Corrupt Practices Act Compliance Guidebook shows readers how the Foreign Corrupt Practices Act (FCPA) has grown to critical importance to any U.S. company that does business in a global environment, as well as foreign companies that supply or have agency agreements with U.S. companies. It provides an overview of the business risks and guidance on spotting potential red flags regarding FCPA violation. Business professionals are provided with practical guidance on managing FCPA requirements as part of an overall compliance program.

Tax Havens for International Business


Author: Adam Starchild
Publisher: Springer
ISBN: 1349133426
Category: Business & Economics
Page: 152
View: 8079

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Tax Havens for International Business is a special management report that shows how the establishment of a tax haven operation, in any of many locations worldwide, can save more money than any internal tax-shelter programme. This volume provides a comprehensive, step-by-step plan that simplifies the myriad complexities surrounding the formation and incorporation of branch offices and subsidiary companies within such tax havens as the Bahamas, Bermuda, the Cayman Islands, Greece, Hong Kong, Luxembourg, Malta, The Netherlands, Panama, Puerto Rico, and Switzerland. In addition, it presents detailed information on each tax haven's economic, legal, political, cultural and geographical aspects, which must be considered if such an enterprise is to operate successfully.

The Political Economy of Tax Reform


Author: Takatoshi Ito,Anne O. Krueger
Publisher: University of Chicago Press
ISBN: 9780226387000
Category: Business & Economics
Page: 358
View: 7676

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The rapid emergence of East Asia as an important geopolitical-economic entity has been one of the most visible and striking changes in the international economy in recent years. With that emergence has come an increased need for understanding the problems of interdependence. As a step toward meeting this need, the National Bureau of Economic Research joined with the Korea Development Institute to sponsor this volume, which focuses on the complexities of tax reform in a global economy. Experts from Taiwan, Korea, the Philippines, Japan, and Thailand, as well as the United States, Canada, and Israel examine the major tax programs of the 1980s and their domestic and international economic effects. The analyses reveal similarities between the United States and countries in East Asia in political constraints on policy making, and taken together they show how growing interdependence interacts with domestic economic and political concerns to affect issues as politically vital as tax reform. Economists, policymakers, and members of the business community will benefit from these studies.

The City

London and the Global Power of Finance
Author: Tony Norfield
Publisher: Verso Books
ISBN: 1784783676
Category: Political Science
Page: 288
View: 2148

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Radical insider’s account of how the city of London really works The City, as London’s financial centre is known, is the world’s biggest international banking and foreign exchange market, shaping the development of global capital. It is also, as this groundbreaking book reveals, a crucial part of the mechanism of power in the world economy. Based on the author’s twenty years’ experience of City dealing rooms, The City is an in-depth look at world markets and revenues that exposes how this mechanism works. All big international companies—not just the banks—utilise this system, and The City shows how the operations of the City of London are critical both for British capitalism and for world finance. Tony Norfield details, with shocking and insightful research, the role of the US dollar in global trading, the network of Britishlinked tax havens, the flows of finance around the world and the system of power built upon financial securities. Why do just fifty companies now have control of a large share of world economic production? The City explains how this situation came about, examining the history of the world economy from the postwar period to the present day. If you imagine you don’t like “finance” but have no problem with the capitalist market system, think again: it turns out the two cannot be separated.

Treasure Islands

Tax Havens and the Men who Stole the World
Author: Nicholas Shaxson
Publisher: Random House
ISBN: 0099541726
Category: Political Science
Page: 332
View: 6117

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WITH NEW AND UPDATED MATERIAL Billionaire Warren Buffet, currently the third wealthiest man in the world, paid the lowest rate of tax among his office staff, including his receptionist. In 2006 the world's three biggest banana companies did nearly £400 million worth of business in Britain but paid just £128,000 in tax between them. In January 2009, US law enforcement fined Lloyds TSB $350 million after it admitted secretly channelling Iranian and Sudanese money into the US banking system. Tax havens are the most important single reason why poor people and poor countries stay poor. They lie at the very heart of the global economy, with over half the world trade processed through them. They have been instrumental in nearly every major economic event, in every big financial scandal, and in every financial crisis since the 1970s, including the latest global economic downturn. In Treasure Islands, Nicholas Shaxson shows how this happened, and what this means for you.

The Cornell School of Hotel Administration on Hospitality

Cutting Edge Thinking and Practice
Author: Michael C. Sturman,Jack B. Corgel,Rohit Verma
Publisher: John Wiley & Sons
ISBN: 1118016262
Category: Business & Economics
Page: 512
View: 8153

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This cutting edge and comprehensive book—with contributions from the star faculty of Cornell University's School of Hotel Administration—offers the latest thinking on the best practices and strategies for hospitality management. A must for students and professionals seeking to enter or expand their reach in the hospitality industry, The Cornell School of Hotel Administration on Hospitality delivers the authoritative advice you need to: Develop and manage a multinational career and become a leader in the hospitality industry Maximize profits from franchise agreements, management contracts, and leases Understand and predict customer choices, and motivate your staff to provide outstanding service Manage hospitality businesses and the real estate underlying the businesses Control costs, coordinate branding strategy, and manage operations across multiple locations

Five Easy Theses

Commonsense Solutions to America's Greatest Economic Challenges
Author: James Stone
Publisher: Houghton Mifflin Harcourt
ISBN: 0544749650
Category: Political Science
Page: 288
View: 3388

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A NEW YORK TIMES BESTSELLER A business leader and esteemed economic thinker outlines simple solutions to America’s five most pressing public policy issues, from healthcare to education to inequality. America today confronts a host of urgent problems, many of them seemingly intractable, but some we are entirely capable of solving. In Five Easy Theses, James M. Stone presents specific, common-sense solutions to a handful of our most pressing challenges, showing how simple it would be to shore up Social Security, rein in an out-of-control financial sector, reduce inequality, and make healthcare and education better and more affordable. The means are right in front of us, Stone explains, in various policy options that — if implemented — could preserve or enhance government revenue while also channeling the national economy toward the greater good. Accessible and thought provoking, Five Easy Theses reveals that a more democratic, prosperous America is well within our reach.

The Process Matters

Engaging and Equipping People for Success
Author: Joel Brockner
Publisher: Princeton University Press
ISBN: 1400865646
Category: Business & Economics
Page: 352
View: 3320

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We do business in a results-oriented world. Our focus on growth is laudable for its clarity, but it is not only what we accomplish that matters but also how we accomplish it. In The Process Matters, Joel Brockner shows that managers must reach those ends in the right ways—with input, consistency, and accountability—if they want to effectively lead and manage in their organizations. Brockner discusses what goes into the right process, how it leads to better outcomes, and how to overcome obstacles along the way. He demonstrates that a high-quality process often costs little and may not even require a great deal of time; and in light of these facts considers the puzzling question of why good business practice doesn't happen more often. Brockner draws from various real-life workplace examples and factors in a wide swath of studies to examine the ways that managers can bring out the best in their people. Relevant to anyone who is in a managerial position—from the CEO on down—The Process Matters proves that seemingly simple differences in process can go a long way.

Pedigree

How Elite Students Get Elite Jobs
Author: Lauren A. Rivera
Publisher: Princeton University Press
ISBN: 1400880742
Category: Social Science
Page: 400
View: 4159

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Americans are taught to believe that upward mobility is possible for anyone who is willing to work hard, regardless of their social status, yet it is often those from affluent backgrounds who land the best jobs. Pedigree takes readers behind the closed doors of top-tier investment banks, consulting firms, and law firms to reveal the truth about who really gets hired for the nation's highest-paying entry-level jobs, who doesn’t, and why. Drawing on scores of in-depth interviews as well as firsthand observation of hiring practices at some of America’s most prestigious firms, Lauren Rivera shows how, at every step of the hiring process, the ways that employers define and evaluate merit are strongly skewed to favor job applicants from economically privileged backgrounds. She reveals how decision makers draw from ideas about talent—what it is, what best signals it, and who does (and does not) have it—that are deeply rooted in social class. Displaying the "right stuff" that elite employers are looking for entails considerable amounts of economic, social, and cultural resources on the part of the applicants and their parents. Challenging our most cherished beliefs about college as a great equalizer and the job market as a level playing field, Pedigree exposes the class biases built into American notions about the best and the brightest, and shows how social status plays a significant role in determining who reaches the top of the economic ladder.

Global Tax Fairness


Author: Thomas Pogge,Krishen Mehta
Publisher: Oxford University Press
ISBN: 0191038628
Category: Business & Economics
Page: 384
View: 8106

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This book addresses sixteen different reform proposals that are urgently needed to correct the fault lines in the international tax system as it exists today, and which deprive both developing and developed countries of critical tax resources. It offers clear and concrete ideas on how the reforms can be achieved and why they are important for a more just and equitable global system to prevail. The key to reducing the tax gap and consequent human rights deficit in poor countries is global financial transparency. Such transparency is essential to curbing illicit financial flows that drain less developed countries of capital and tax revenues, and are an impediment to sustainable development. A major break-through for financial transparency is now within reach. The policy reforms outlined in this book not only advance tax justice but also protect human rights by curtailing illegal activity and making available more resources for development. While the reforms are realistic they require both political and an informed and engaged civil society that can put pressure on governments and policy makers to act.