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Regulatory rollbacks and collapse of global cooperation put the US at the center of tax evasion. Check out more details!
Under the influence of Donald Trump's economic policy, the United States has been adopting measures that position it as the main destination for tax evasion in the world. The country's withdrawal from international transparency commitments, the weakening of tax inspection and tolerance of unregulated cryptocurrencies reveal a deliberate effort to dismantle global control mechanisms.
Dismantling the tax inspection system
Among the most alarming actions is the Treasury Department's decision to withdraw from the tax-sharing regime. information about the real owners of companies. The government also abandoned negotiations on a UN convention aimed at international tax cooperation and stopped enforcing the Foreign Corrupt Practices Act. At the same time, it promoted a broad deregulation of the cryptocurrency sector, increasing anonymity in financial transactions.
The false promise of tax cuts
Although presented as a way to stimulate the economy, the reduction in corporate taxes in the US has mostly benefited large conglomerates, while reducing the resources available for social policies. The combination between reduced rates and protection of opaque corporate structures transforms the United States in an ideal refuge for large fortunes seeking to escape taxation in their home countries.
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International impact and risk of global setback
Tax analysts and international organizations have been warning about the global impact of the measures adopted by the United States. The lack of American cooperation undermines multilateral efforts to curb illicit capital flows and discourages other countries from upholding their commitments to transparency. As a result,global tax system runs the risk of regressing to a scenario of predatory competition between nations.
