For decades, the United States has been one of the leading destination havens for wealthy individual offshore investors.

Q: “So where else do you advise clients to set up their offshore companies and trusts?”

A: “We think Delaware is pretty good. They have over a million companies and trusts there, and no beneficial ownership registration. No one can find you.”

—Senior partner, leading Panama law firm, money laundering conference, 2008

By now we (should) all know that global trade wars, as well as imperial wars, can be costly. But the high costs of global tax competition, deregulation wars, and financial secrecy wars have received much less attention. Unfortunately, at current course and speed, such wars may well proliferate. Furthermore, the United States, which has long prided itself on being one of the world’s leading proponents of progressive taxation, multilateral cooperation, and stiff sanctions for white-collar financial crime, is now actually leading this race to the bottom…..The American Interest reports:

The Worlds Largest Tax Haven- Guess Who / James S. Henry