Stung by the Panama Papers revelations of worldwide tax evasion by the rich and powerful, President Obama has seized the moment to propose a solution guaranteed to gather headlines—and then fail. But if he wanted to, he could, through the Treasury Department, end the system of offshore tax havens with a stroke of the pen.First, let’s look at the solution and, then, at what’s wrong with the President’s proposal.The goal at hand is to prevent criminals, terrorists, kleptocrats, and others looking to hide ill-gotten loot from getting access to the U.S. financial system anonymously. Tax havens—offshore centers—are used to facilitate …read more
Source: The American Interest
