Over the past generation, tax avoidance and evasion have ...

Over the past generation, tax avoidance and evasion have gone from an annoyance to a major societal catastrophe: Annette Alstads��ter, Niels Johannesen, and Gabriel Zucman: Tax Evasion and Inequality: "Why do the rich evade so much? The straightforward answer is because they can. There is a whole industry ��� in Switzerland, Panama and other tax havens around the globe ��� that provides wealth concealment services to the world���s wealthiest individuals. This industry typically only targets the very wealthy (people with more than $20 million or sometimes $50 million to invest), since serving too many would-be evaders would increase the risk of these banks and law firms being found in violation of the law. Moderately wealthy individuals (those below the top 0.1%) do not have access to the services they sell and therefore don���t evade much tax. Further down the ladder, the majority of the population only earns wages and pension income, which cannot be hidden from the tax authority...

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