No rules for the rich: How tax avoidance is wrecking the global economy

portrait_john_christensenHidden from public scrutiny, businesses and banking systems have been reconfigured to bypass nationally-based tax and regulatory regimes. Using around 65 global tax havens, wealthy individuals and businesses employ aggressive tax avoidance strategies and force governments to engage in harmful tax competition to attract investment. These practices distort trade patterns, undermine economic growth, increase wealth inequality, and cause endemic poverty, social instability and failed states, whilst poorer countries lose an estimated US$50 billion annually to dirty money flows. John Christensen, International Coordinator of the Tax Justice Network and former economic adviser to the States of Jersey (a tax haven) outlines the problem and the steps needed to mobilise against it.

Leave a Reply