“The most plausible reason why tax havens defend bank secrecy is that it allows their clients to evade their fiscal obligations, thereby allowing the tax havens to share in the gains. Obviously this has nothing whatsoever to do with the principles of the market economy. No one has the right to set his own tax rates. It is not right for individuals to grow wealthy from free trade and economic integration only to rake off the profits at the expense of their neighbors. That is outright theft.” Thomas Piketty, Capital in the Twenty-First Century, pp.521-522. (Trans. Arthur Goldhammer)
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To the extent that Capital offered an actionable, politically plausible way forward, I thought this was it: to abolish or comprehensively regulate tax havens, or at least bank secrecy (in the Cayman Islands, Switzerland, etc.), which would first of all help to ensure that everyone was paying their fair share of taxes, and, secondly, give us a better idea of the size and disposition of global wealth.
I can imagine a number of good or at least lawful reasons for people to want to keep their financial information a secret — however, in the main, these accounts can hardly be thought to serve a legitimate function.