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What to Do with $20T in Offshore Tax Havens

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    Author James Henry on efforts to curb illegal use of offshore bank accounts.

  • Duration 3:59
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-- report in The Economist Magazine newspaper.

It says there's more than twenty trillion dollars sitting in offshore tax havens the economist wants to reform tax laws so we can bring some of that money.

Back home.

Here's what Aaron Johnson of autonomy to say about last.

Once you've paid taxes on your money it is yours to send it where you want.

And if it's outside the US the United States government has no claim to the interest that are burns not only high.

-- you almost finished and join in the company now is someone who is against tax havens his name is James Henry he's the author of the book.

The blood back -- -- welcome to the program good morning.

What's wrong with me.

But I think income in the United States paying tax on my income -- -- -- it saving it and then if only wish putting it into a Cayman Islands bank account and declaring to the IRS I've got money in the Cayman Islands in a violent income -- I declared to the IRS what's wrong that we're just not the case with most of this money that we've identified in the tax justice network report that in the case with me.

Well would be the case with you and if you'll get all that that would define who hasn't -- no problem -- -- -- in the the most 121 trillion is illegal and it's not paying interest -- -- -- -- -- there's not paying taxes who want you to stop me doing something which is perfectly legal and -- well -- individually nobody but the government's of this world are now struggling but with budget deficits they're struggling for tax a whole month on we're transferring all of the tax -- burden to the middle class and the poor.

Is not the solution so it's okay so that they -- also defending really the rule of law here does not this is about the lowest of the -- I'm Lana apply equally to everyone you know or does it apply as it if can rich people play games and and that's what most of this is about most of this money is not declared.

Most of this money is not paying any taxes it's hidden wealth that's not been counted.

In the national accounts can control the country is for inequality at the at a Baltimore that you can't have a there's no such thing -- banking secrecy overseas you can't have it you gonna shut them down.

And -- -- a full stack my to be repatriate know we'd like to have more information reporting on what the actual amounts are that you have to force the caimans in the Swiss and the I love Y two whenever it is too.

To say hey this guy's got this money.

And you haven't noticed Stuart -- of massive tax justice movement that's grown up -- -- I I know all about it that's what were all about it now you're saying that I am not allowed to hold my.

Assets secretly.

Anyplace abroad especially to say no you give me -- lot you can do that as long as you declared the income you know Americans have kept America -- America has a worldwide in contact that's what I do now what if you do that that's fine there's no problem with that -- most of jetliner on most people want talking about.

Are not going to be able do that because these secrecy jurisdictions are not living off legal behavior.

They're living off people who were avoiding the law -- -- -- and shifting the burden you with -- yeah.

Well I mean you could continue to have I mean Switzerland could continue to offer accounts to Americans as long as the interest is declared to the IRS I don't have problem at all.

If you're willing to pay taxes on your -- -- bank accounts I don't know why -- bothered to do that.

But you know you're you're welcome to do but that is what's enough that you would I would in this procedure that's -- -- doing that's secrecy is -- this is about the rule of law it's not about tax rates.

It's it's strictly about the fact that do we have the rule of law that applies equally to everybody -- the rich get placate.

Did you coming from the hard left on condition -- on his pragmatic conservative.

This is the rule of law is actually very conservative principle and if we simply enforce the tax laws we have now.

We would raise enough money to balance the budget pay the sequestration problem all of that.

Not being discussed in Washington because nobody really wants to tackle this very influential industry kind of judgment that I tax enforcement is what we're talking -- -- we -- -- as a very interesting discussion.

The blood bank it's confessing title and I'm at a time but James Cummins says again -- -- -- very interesting story like it.

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