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The Hidden Wealth of Nations: The Scourge of Tax Havens
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Review
“Zucman’s work on tax havens is the first serious economic research in this area. His evaluation of the share of global household wealth that is located in tax havens has become the standard in the profession. Most importantly, this is the first work offering credible estimates of the kind of economic sanctions that would make tax havens give up the financial opacity that allows them to prosper. The conclusions are powerful.” (Thomas Piketty, author of Capital in the Twenty-First Century)“Zucman seems to have little ambivalence about how to interpret the data, as his book is subtitled The Scourge of Tax Havens. He acknowledges that some view tax havens as perfectly legal and legitimate. But whatever the politics, for anyone who cares about understanding the economy, it’s clear a dramatic shift is under way.” (Wall Street Journal)“With his book, The Hidden Wealth of Nations, Zucman is positioning himself as this year’s Piketty, whose opus renewed a debate about inequality last year. . . . There has never been as much wealth sitting in tax havens as there is today, Zucman says, whether it’s Apple Inc. funneling billions in profits through a tiny Irish unit or a French cabinet minister using secret accounts to cheat on his taxes. . . . What is to be done? Zucman said there needs to be a central global register of the owners of the world’s wealth, similar to various registries for real estate holdings. Such a database doesn’t have to be public, but it must be available to regulators.” (Bloomberg Business News)“Zucman has built his career remarkably quickly, and in the process has made a place for himself among the most influential economists working today. . . . Stitching together data sets that chronicle roughly a century of offshore banking, Zucman shows how wealth in tax havens has grown to account for roughly 8% of total global household financial wealth, or roughly $7.6 trillion in 2014. . . . Armed with those figures, he makes the case that tax avoidance and evasion are at the core of the issues such as inequality and financial stability.” (Quartz)“A short and lively investigation into the global effects of tax avoidance. . . . As Zucman argues, ‘Financial secrecy—like greenhouse gas emissions—has a costly impact on the entire world, which tax havens choose to ignore.” (The Week)“A provocative new book. . . . In Piketty’s forward, he urges all those interested in inequality, global justice and the future of democracy to read the book. The wealthy among them might want to take particular note. Attacking tax havens is a crucial first step to ratcheting up taxation on the rich. The more information there is about offshore assets, the harder they will be to defend.” (Financial Times)“Tax havens are by design secretive and opaque. The entire point of their existence is to conceal the wealth hidden within them. And a new book by Zucman, The Hidden Wealth of Nations: The Scourge of Tax Havens, reveals, as never before, the extent of their role in the global economy. . . . If we are ever to combat inequality effectively, truly progressive taxation will have to be a part of the policy mix. But unless we eliminate tax havens now, we are likely to find that we lack the ability to implement it.” (Project Syndicate)“Zucman writes crisply and is forthright in his scorn for tax fraud. He also briefly addresses solutions to corporate tax manipulation, whereby multinationals shift income to tax havens. . . . Zucman’s eye-opening study will be of interest to all readers concerned about growing wealth disparity and is a fitting supplement to Capital in the Twenty-First Century by Thomas Piketty.” (Library Journal, starred review)“Zucman is a sometime co-author with Thomas Piketty and his new book The Hidden Wealth of Nations is set to do for tax havens what his colleague’s did for wealth inequality: define and popularize the problem.” (Guardian)“One of the most thorough books on the topic.” (Le Monde)
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About the Author
Gabriel Zucman is assistant professor of economics at the University of California, Berkeley. Teresa Lavender Fagan is a freelance translator living in Chicago.
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Product details
Paperback: 142 pages
Publisher: University of Chicago Press; Reprint edition (July 22, 2016)
Language: English
ISBN-10: 9780226422640
ISBN-13: 978-0226422640
ASIN: 022642264X
Product Dimensions:
6 x 0.4 x 9 inches
Shipping Weight: 2.1 ounces (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
40 customer reviews
Amazon Best Sellers Rank:
#436,676 in Books (See Top 100 in Books)
This short but potent book is virtually the first treatment of the scourge of offshore bank accounts. Zucman’s expose maybe read in one or two sittings but contains a wealth of information on an issue discussed but little understood.There is a good reason why his book is so short. There are not a lot of solid information about this area because the subject is, well, hidden. THis is a netherworld of offshore banking, where, in addition to “wealth management,†a euphemism Zucman deciphers as “tax evasion,†the hallmark of this type of banking is secrecy. The wealthy utilize offshore accounts for the express purpose of squirreling away cash and to avoid paying taxes. To hide these assets even further, Zucman reveals that if not holding the deposits of these super-rich, which include not only individuals but corporations and other business entities, these offshore banks will manage mutual fund accounts for their clients held by other off shore entities.Zucman includes the global multinational corporations as the other main participants of this phenomenon. The multinationals use a different tax dodge, typified in a recent news story concerning Apple. Apple created controversy when it was revealed the corporation paid little corporate tax in the US (!), because its profits had been transferred to Ireland, all apparently legal moves. Zucman classifies this as another example of “hidden wealth.â€We all pay the price for this skullduggery. The countries that can need the tax revenues the most for infrastructure and domestic purposes are the most prominent victims of these offshore activities. Zucman conservatively estimates that up to one tenth of the world’s wealth are held in offshore accounts, while countries such as Russia have to fifty percent of their GDP in offshore account.The most famous of these offshore accounts are in Swiss banks. Other locations exist in Hong Kong, Singapore, Cayman Islands, the Bahamas, and other locales. Zucman debunks several myths concerning Swiss banks.Zucman shines a light on a particularly nefarious business practice. This is required reading.
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?
One Star: this book won't teach you how to hide your money!Yes, I'm joking.Hidden Wealth is an informed view into the current state of the movement of money out of taxable states into low to no tax hiding places.spoiler: those polite Swiss are still screwing the rich worldThe author proposes how to resolve this issue but without realistic considerations, eg: even more regulationFor a book that could be a very dry and academic the English language edition is written in beautiful prose. Kudos to the author and translator Teresa Lavender Fagan.
Zucman does a great job explaining how money flows off shore, stays there and avoids the taxation that happens to the "little people." If you are interested in economics, politics or good citizenship, this is a must read.
This easy to read, short and concise book takes a simple approach addressing the analysis of thax havens. If you have absolutely no idea of what or how a tax haven works, this book provides a simple yet precise explanation. The author suggests a few methods to measure the hidden wealth and solve the taxing issues, sacrificing depth probably to target at a broader audience, beyond economists and policy-makers. It's a good work to start a discussion on this topics.
An excellent discussion of how the U.S. Is being deprived of taxes which must be made up by its citizens. To extract the full measure of its significance it must be read carefully. Important aids to understanding are the figures that summarize models in the narrative. Moreover, it provides a very practical method towards achieving the goal of taxing wealth that has been proposed in Piketty's "Wealth in the 21st Century".
This book is an insightful plan to action to stop companies and the rich from refusing to pay their fair share of taxes.
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