Review of "The Hidden Wealth of Nations: The Scourge of Tax Havens," by Gabriel Zucman

 Review of

The Hidden Wealth of Nations: The Scourge of Tax Havens, by Gabriel Zucman, ISBN 9780226245423

Five out of five stars

Powerful description of a serious problem

 It seems that no matter what happens, the income inequality problem in the world get worse. There was a financial meltdown in 2008, a global pandemic that started in 2019 and various wars that continue. Yet, when the event subsides, the rich are even richer, and the rest of the people are left further behind. This leads to the call for taxing the rich and corporations, which is a political yo-yo. One way that the economically powerful can be further taxed is to prevent or reduce the movement of assets to tax haven countries. To do that, there must be some quantification of the amounts as well as where they are held.

 In this book, Zucman attempts to give a first approximation of these two key statistics and the consequences of the loss of tax revenue. For this reason, this is a very important book that should be read by all of the people responsible for making tax policy. Since it is written at a very understandable level, it can also be understood by citizens concerned about governmental fiscal matters and tax policy. As the American governments face increased financial pressure, cracking down on the use of tax havens can provide a way to substantially increase revenues. As Zucman makes clear, this would require a level of global cooperation.

 Clearly a critical book in explaining the lost revenue of governments as well as preventing what is legal tax evasion by corporations and wealthy individuals, it will inject serious thoughts into your mind regarding the direction the world is now going.

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