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Withdrawal Of Regulations And Collapse Of Global Cooperation Place 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 primary destination for tax evasion in the world. The country’s withdrawal from international transparency commitments, the weakening of tax enforcement, and tolerance for unregulated cryptocurrencies reveal a deliberate effort to dismantle global control mechanisms.
Dismantling The Tax Enforcement System
Among the most alarming actions is the decision by the Treasury Department to withdraw from the information-sharing regime on the true owners of companies. The government also abandoned negotiations on a UN convention focused on international tax cooperation and ceased enforcing the Foreign Corrupt Practices Act. Meanwhile, it promoted widespread 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 of corporate taxes in the US has mostly benefited large conglomerates, while reducing the resources available for social policies. The combination of reduced rates and protection for opaque corporate structures turns the United States into 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 contain illicit capital flows and discourages other countries from maintaining their commitments to transparency. Consequently, the global tax system risks regressing to a scenario of predatory competition among nations.
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