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The Hidden Wealth of Nations: The Scourge of Tax Havens, by Gabriel Zucman, Teresa Lavender Fagan - translator
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We are well aware of the rise of the 1% percent 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 percent - 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 percent 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 counterargument 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 kinds of actions that would force tax havens to give up their practices.
- Sales Rank: #52585 in Audible
- Published on: 2015-12-02
- Format: Unabridged
- Original language: English
- Running time: 212 minutes
Most helpful customer reviews
20 of 21 people found the following review helpful.
Ever been burdened by IRS foreign reporting forms? This little book will give you the global picture needed to understand why.
By migedy
Zucman's book is very short. It's under 200 pages double-spaced and so only takes about a half-hour to read. It is easy to understand -- no complex concepts even though written by a UC Berkeley economist who himself was taught by the famous French economist Thomas Piketty. (Piketty in 2014 wrote a 700-page tome on capital in the twenty-first century, which I have not read.)
Zucman's book is organized into 4 general sections:
(1) How much wealth is being hidden in tax-havens by the wealthiest families and how much it is costing their countries (and, by extension, the rest of us, who have to make up for the difference by paying more taxes or suffer fewer services in education, medicine, infrastructure, etc.). I had thought that the vast majority of hidden family wealth consisted of non-US and non-European foreigners who are forced to hid their financial assets because they reside in countries beset by government corruption, kidnappings, dictatorships, etc. However, Zucman shows that this is not generally the case.
(2) The history of how these tax havens arose and their current growth trends. It is quite eye-opening to learn, not only about the incredible cheating that Swiss banks have been engaged in over the years (recently fined billions of dollars by the U.S. government), but also to discover how Luxembourg (another major tax haven) blocks most attempts at tax reform by other European nations.
(3) What to do about the problem. Zucman first covers earlier attempts -- that have failed -- before proposing his solutions (which include a general registry of financial wealth to be maintained by multiple nations). Zucman's solutions become more reasonable after first seeing how (and why) earlier attempts at curtailing these massive tax-cheating havens have failed.
(4) Tax havens and loop-holes being used by corporations (such as Apple and Google) and what it is costing the rest of us, along with what can be done to eliminate the problem.
As I read this book I became more and more incensed at the arrogance of the ultra-wealthy and also at high-tech companies and how they have gotten away without paying taxes, while the rest of us end up with a higher tax burden.
As to the title of my review: I happen to know someone whose family is split between the US and a foreign country and they have been aghast at the many IRS foreign reporting forms they have had to fill out (costing thousands in CPA fees because these forms are both complex and nearly incomprehensible). This acquaintance also knows expats whose foreign bank accounts were closed on them because their foreign bank did not want to have to comply with what it considered onerous reporting requirements set by the US government under what is called FATCA.
Well, Zucman's book refers to FATCA and why it came about. Zucman applauds the US government's attempts at using FATCA as a first step in reining in wealthy tax cheaters. In fact, if Zucman's main solution is put into effect -- a multi-national registry of who actually owns what, after all those shell companies, foreign trusts and fake foundations have been stripped away -- then hopefully, in the near future US citizens with foreign assets will never again need to fill in those onerous foreign reporting forms because that information will be automatically collected and used in creating a world in which persons and corporations pay their fair share of taxes to their affiliated countries.
9 of 9 people found the following review helpful.
Somewhere to shelter
By Hande Z
Tax havens represent one of the ugly by-products of capitalism. They are places where the super-rich (individuals and corporations) keep their money. They are kept in secret accounts so that they cannot be accounted for as part of the taxable income of the individual or corporation. The consequence is that the super-rich pay less taxes than others, and the burden of public expenditure falls on those others. The rich call it tax planning, but Zucman attempts to persuade the reader that keeping money in tax havens is unfair to those who do not have the money to do so. Recently, the International New York Times (23 October 2015) reported that the European Commission ordered Starbucks to pau up 30 million euros in back taxes to the Dutch government. Starbucks had channelled large amounts of profits from payments for its coffee roasting recipes. The payments were not made to Starbucks but to an entity known as Alki LLP, a ‘mysterious and opaque box’ that was not required to file financial statements and which has since shut, but ‘Alki was folded into a new company, Starbucks EMEA Holdings’ which has yet to file any financial statements, according to the INYT.
In this book, Zucman shows how tax havens come about, where they are (Virgin Islands, Luxembourg, Switzerland among the main ones), who goes to them, and the inequality between the super-rich and the rest that results from placing money in tax havens. Zucman says that 55% of $650 billion ‘foreign profits’ of corporations is made in six countries with low or no taxes and where little or no production or sale is done to generate that money in those countries. He named the countries as ‘Netherlands, Bermuda, Luxembourg, Ireland, Singapore, and Switzerland’. He proposes three major actions to rectify this. First, he thinks that there should be an open register of financial wealth of every wealth-owning entity. Secondly, he calls for adequate sanctions against tax havens, and thirdly, he thinks that tax structures should be revamped. For example, not allowing profits to be accounted separately in different countries. Only when the world can see the true global profit and loss accounts of any given company, can the taxation be fair and equitable.
A great deal has been packed into this slim 113-page book that is extremely thought provoking. It also calls into debate the age old issue of not penalising entrepreneurs so that their motivation to create greater wealth will be maintained. Is capitalism taking another knock?
11 of 12 people found the following review helpful.
Great little book everybody should read!
By Alexandre
In just under 200 pages Zucman gives us the basics we need to understand to tax dodging, whether legal or illegal. It's clearly written and argued. So much so in fact that one almost wishes the book was longer! It's a mandatory read for anybody who is concerned with the way tax havens work to erode our modern democratic societies.
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