Our current system of public insurance and public disaster relief places a lot of the onus of flood risk on the taxpayer. This is certainly the case when subsidized flood insurance encourages additional coastal development and helps to maintain higher coastal home values. Also, the NFIP itself does not have the ability to pool risk since it generally applies only to flood-prone areas and it has no ability to develop a reserve in years when premiums collected exceed payouts for flood losses.
By the end of 1959 about $200 million was on deposit abroad. By 1961 the total had hit $3 billion, by which time offshore financial engineering “was spreading to Zurich, the Caribbean, and beyond” as jurisdiction after jurisdiction got in on the game. Today, the economist Gabriel Zucman estimates that there is $7.6 trillion of household wealth in tax havens globally—around 8 percent of the world’s wealth.
As world wealth has grown to record levels in recent years – to an estimated $241 trillion – inequality has also grown, with 0.7% of the global population owning 41% of the assets. Wealth managers are estimated to direct the flows of up to $21tn in private wealth, resulting in about $200bn in lost tax revenues globally each year ... The wealthy and powerful are notoriously difficult to study ... wealth management presents particular challenges, as the profession depends on secrecy
Hamas has recently further raised taxes after a drop in financial support from allies, such as Iran and the Muslim Brotherhood, and the collapse of its tunnel trade with people in Egypt ... Consumers and businesses in Gaza are hit three times by tax. Israel collect taxes on imports into Gaza and the West Bank on behalf of the Palestinian Authority (PA) and transfers the money to the PA after deducting a small administrative fee.
If Panama or the Cayman Islands were acting to undermine the integrity of the global pharmaceutical patent system, the United States would stop them. But the political elite of powerful Western nations have not acted to stop relatively puny Caribbean nations from undermining the integrity of the global tax system — largely because Western economic elites don't want them to.
the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota.
The broader lesson here is that a country’s technology policy is directly dependent on its economic policy; one cannot flourish without the active support of the other. Decades of a rather lax attitude on taxation combined with strict adherence to the austerity agenda have eaten up the public resources available for experimenting with different modes of providing services like transport.
the wealthy have used their influence to steadily whittle away at the government’s ability to tax them. The effect has been to create a kind of private tax system ... Many of these maneuvers are well established, and wealthy taxpayers say they are well within their rights to exploit them. Others exist in a legal gray area, its boundaries defined by the willingness of taxpayers to defend their strategies against the I.R.S. Almost all are outside the price range of the average taxpayer.
The federal tax system is, on the whole, progressive. Higher-income households pay a higher share of their income in taxes. But some states have done all they can to reverse that ... Tennessee, Mississippi, and West Virginia have structured their tax codes so that middle and lower-income families pay a bigger share of their incomes than wealthy families do.