Law Commons^™

Shooting Blanks: The War On Tax Havens, Timothy V. Addison

Indiana Journal of Global Legal Studies

The United States Treasury conservatively estimates that tax havens cost the United States over $100 billion annually in lost tax revenue. In response to this epidemic, the United States and the Organization for Economic Cooperation and Development entered into Tax Information Exchange Agreements with states considered to be tax havens. These agreements received widespread recognition as a means of remedying this growing problem. These agreements, however, are largely symbolic and provide very few additional weapons to combat tax evasion enabled by tax havens. As evidence of this, the estimated annual loss of tax revenue due to tax havens has increased …