The costs imposed on the world by those selfish little entities are too great to ignore any longer. Vast amounts of taxable wealth, last estimated to exceed $12 trillion, are hidden in the protected banks of tax-haven principalities, with annual losses to the U.S. Treasury that may well be greater than $100 billion. But those same places appear to have provided a regulatory twilight zone where financiers like Joseph Cassano [credited with bringing down AIG] could run wild and ruin the rest of the world for profit. The urge to cheat on taxes and the desire to evade regulation represent the same destructive impulse, which governments around the world should now take steps to suppress.The costs imposed on the world by those selfish little entities are too great to ignore any longer. Vast amounts of taxable wealth, last estimated to exceed $12 trillion, are hidden in the protected banks of tax-haven principalities, with annual losses to the U.S. Treasury that may well be greater than $100 billion. But those same places appear to have provided a regulatory twilight zone where financiers like Joseph Cassano could run wild and ruin the rest of the world for profit. The urge to cheat on taxes and the desire to evade regulation represent the same destructive impulse, which governments around the world should now take steps to suppress.

This entry was posted on Sunday, April 5th, 2009 at 2:44 pm and is filed under Tax Resolution, Trust and Wills. You can follow any responses to this entry through the RSS 2.0 feed.