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> I have noticed nothing "pejorative" in the language used in the document. First page after the abstract "It is this information asymmetry that gives rise to

> I have noticed nothing "pejorative" in the language used in the document. First page after the abstract "It is this information asymmetry that gives rise to a host of problems" as opposed to benefits? This study is fairly balanced but chooses to only focus on illegal tax evasion by the wealthy and corrupt behavior of public officials. Instead of legal tax deferment or avoidance.

jollybean 6y ago
So what exactly are the 'benefits' of this information asymmetry? What 'benefit' is derived from Congolese President's ability to have 'hidden' accounts on the Isle of Man, instead of accounts that are available to be scrutinized by Congolese authorities?
- vmception 6y ago
  If corrupt there is no benefit to argue in favor of, if not corrupt then access to the international markets obviously Like I said, its actually strange to focus on corrupt behavior of public officials to say another country is the problem and not the corrupt official. A reason this is strange that you might not have considered is that more universally respected countries such as the US and the UK offer the same opaque tax evading capabilities to non-citizens as the smaller countries they complain about. As well as access to international markets. So focus on the corrupt person, or educate on how to use more competitive jurisdictions instead of being manipulated into the small country tax haven meme. Its just larger economic unions exempting themselves from scrutiny and saying other countries are the problem.
  - jollybean 6y ago
    "if not corrupt then access to the international markets obviously" ? That is not a 'benefit' of hidden bank accounts. "US and the UK offer the same opaque tax evading capabilities to non-citizens" They don't really. Nations have tax treaties to avoid this kind of stuff. While there are loopholes etc. it's not going to be a good idea to keep stolen money in London, it will get frozen. "So focus on the corrupt person" - the corruption is enabled by banking secrecy. A big focus on corruption is going after hidden networks.
    - vmception 6y ago
      All the “tax haven” countries have treaties and information sharing agreements that can result in freezing assets You are conflating several concepts: If you don’t want assets frozen then don’t use banks, they haven't been necessary for an entire decade. Bearer-everything is back in vogue.
ABCLAW 6y ago
Because legal tax avoidance isn't an issue and is a topic for another paper. Why is every second reply in this comment thread trying to deflect away from the documented widespread, commonplace fraud that constitutes a wealth transfer away from common taxpayers?
- vmception 6y ago
  Because it fails to distinguish. This paper would be more productive talking about the cybersecurity failings of the bank in the Isle of Man and how the country's data legislation can be improved. The history of state revenue sources has been much broader than the last 100 years of worrying about whether everyone is getting hosed equally. High tax jurisdictions who will never balance their budget are in a quagmire of their own design, and they lack the consensus mechanisms to do anything about it. They are failed states in this regard and that has nothing to do with rest of the world.

jollybean 6y ago

So what exactly are the 'benefits' of this information asymmetry? What 'benefit' is derived from Congolese President's ability to have 'hidden' accounts on the Isle of Man, instead of accounts that are available to be scrutinized by Congolese authorities?

vmception 6y ago
If corrupt there is no benefit to argue in favor of, if not corrupt then access to the international markets obviously Like I said, its actually strange to focus on corrupt behavior of public officials to say another country is the problem and not the corrupt official. A reason this is strange that you might not have considered is that more universally respected countries such as the US and the UK offer the same opaque tax evading capabilities to non-citizens as the smaller countries they complain about. As well as access to international markets. So focus on the corrupt person, or educate on how to use more competitive jurisdictions instead of being manipulated into the small country tax haven meme. Its just larger economic unions exempting themselves from scrutiny and saying other countries are the problem.
- jollybean 6y ago
  "if not corrupt then access to the international markets obviously" ? That is not a 'benefit' of hidden bank accounts. "US and the UK offer the same opaque tax evading capabilities to non-citizens" They don't really. Nations have tax treaties to avoid this kind of stuff. While there are loopholes etc. it's not going to be a good idea to keep stolen money in London, it will get frozen. "So focus on the corrupt person" - the corruption is enabled by banking secrecy. A big focus on corruption is going after hidden networks.
  - vmception 6y ago
    All the “tax haven” countries have treaties and information sharing agreements that can result in freezing assets You are conflating several concepts: If you don’t want assets frozen then don’t use banks, they haven't been necessary for an entire decade. Bearer-everything is back in vogue.

ABCLAW 6y ago

Because legal tax avoidance isn't an issue and is a topic for another paper. Why is every second reply in this comment thread trying to deflect away from the documented widespread, commonplace fraud that constitutes a wealth transfer away from common taxpayers?

vmception 6y ago
Because it fails to distinguish. This paper would be more productive talking about the cybersecurity failings of the bank in the Isle of Man and how the country's data legislation can be improved. The history of state revenue sources has been much broader than the last 100 years of worrying about whether everyone is getting hosed equally. High tax jurisdictions who will never balance their budget are in a quagmire of their own design, and they lack the consensus mechanisms to do anything about it. They are failed states in this regard and that has nothing to do with rest of the world.