Thomas Piketty argues for a global wealth tax. Why global? Because corporations can play one country’s tax haven against another.
Economist John Quiggin suggests there’s reason for optimism. There is movement abroad to rein in the evaders. Europe is doing the initial heavy lifting.
Meanwhile back at home, we’ve got a state that boasts of our current vice president. Delaware loves corporations and lavishes them accordingly. Quiggin:
At the core of the problem is the ability to establish corporations in ways that make their true ownership impossible to trace. And, the jurisdiction most responsible for this is not a Caribbean island or European mini-state, but the “First State” of the US – Delaware, which has long been the preferred location for US incorporation by reason of its business friendly laws.
Say it ain’t so, Joe.