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What tax havens are costing the U.S. and poor developing countries each year- $40 billion for the U.S. Treasury, 3-10 times foreign aid for poor countires
04/08/2016
The $40 billion estimate of loss to the U.S. Treasury from tax havens is by Robert Morgenthau, U.S. District Attorney for Manhattan. The 3-10 times foreign aid estimate of loss in tax revenues for poor countries dependent on such taxes because of large informal economies, is from Angel Gurria, head of OECD for three times, and as high as ten times from the Tax Justice Network. This means poor infrastructure development, fewer roads and less spent on education and healthcare in poor countries with desperate needs especially in Africa and parts of northern India, Pakistan. Its not just poor countries, as the U.S. also needs the money to replace older crumbling infrastructure, an issue in the 2016 U.S. presidential campaign
Grouped Articles
How global tax evasion keeps poor countries poor - The Washington Post
Washington Post 04.08.2016
The New York Times 08.12.2016
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