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It’s not a tax haven

February 2, 2013

Tax havens: wrong term.

It’s tax evasion.

Tax havens make tax evasion sound like a temporary holiday, whereas for many of the world’s wealthy, it’s a permanent strategy to avoid paying their fair share of taxes in the country in which they live.

It’s not tax havens, it’s tax evasion. And it robs public coffers of a lot of money.

This Toronto Star story cites an economist who estimates: “Approximately $12 trillion of unreported, private financial wealth from the developed world — including Europe, Canada and the United States — is held in about 80 tax havens. … If the $12 trillion earned a modest 3 per cent annual return and was taxed at 30 per cent it would generate $150 billion to $200 billion a year — more than enough to pay for Europe’s budget deficits.”

 

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