Riding a wave of anti-money laundering momentum, will the U.S. president from Delaware deliver on his pledges to tackle tax havens and make the wealthy pay more?<\/p>\n
Early rhetoric from the Biden administration has encouraged anti-corruption advocates that the new president\u2019s tenure in the White House may mark a turning point in the fight against dirty money and tax haven abuse \u2014 two overlapping problems made worse by a veil of secrecy that shields vast sums of money from tax collectors and law enforcement authorities.<\/p>\n
\u201cWe will crack down on tax havens and illicit financing that contribute to income inequality, fund terrorism, and generate pernicious foreign influence,\u201d the administration\u2019s Interim National Security Strategic Guidance, released last month, says, identifying the fight against global corruption as a top security priority. The strategy mirrors promises Joe Biden made during his candidacy.<\/p>\n
The pledges come at a time when the U.S., like many other countries, is seeing political momentum around proposals to ensure that wealthy individuals and high-earning corporations pay their fair share of taxes to aid pandemic relief and economic recovery.<\/p>\n
It\u2019s time to \u201cchange the paradigm,\u201d Biden said in his first press conference, to \u201creward work, not just wealth\u201d \u2014 a line that reinforced his pledges to raise marginal tax rates for the rich and for corporations. This week, Biden unveiled a proposed tax hike on companies and foreign profits to pay for his infrastructure plan.<\/p>\n
The International Consortium of Investigative Journalists has documented across many investigations how millionaires, including corrupt politicians, drug dealers, human rights abusers and tax evaders use the offshore system to hide their wealth. Most recently, in 2020, the FinCEN Files investigation revealed how banks allow billions of dollars in suspect money to flow through their accounts.<\/p>\n
So far, the Biden administration hasn\u2019t provided specifics about how the promised fight against tax havens and dirty money might shake out. Taxation and money laundering experts say there are at least five reforms that the new president should put at the top of the list.<\/p>\n
1. Crack down on tax havens at home and abroad…, Riding a wave of anti-money laundering momentum, will the U.S. president from Delaware deliver on his pledges to tackle tax havens and make the wealthy pay more? Early rhetoric from the Biden administration has encouraged anti-corruption advocates that the new … Continue reading
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