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The True Cost of Hidden Money A Piketty Protégé’s Theory on Tax Havens (Op-Ed)

Date: June 15, 2014
Author: Jacques Leslie
QUOTE: ...$7.6 trillion — 8 percent of the world’s personal financial wealth — is stashed in tax havens. If all of this illegally hidden money were properly recorded and taxed, global tax revenues would grow by more than $200 billion a year, he believes. And these numbers do not include much larger corporate tax avoidance, which usually follows the letter but hardly the spirit of the law. According to Mr. Zucman’s calculations, 20 percent of all corporate profits in the United States are shifted offshore

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