That’s according to the Tax Justice Network, an international tax fairness advocacy group, which published its annual State of Tax Justice report on Tuesday. The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. Given the limitations of the data set as well as other studies on the issue, TJN suggests the real shortfall may be even higher.
More recently, Senate Finance Committee Democratic staff conducted an investigation that found some of the biggest pharmaceutical makers, for whom the United States is their biggest market, have reported the majority of their income offshore. The remaining 36% of the $4.7 trillion shortfall is attributable to wealthy individuals who benefit from rules that allow for financial secrecy, making it easy to shield assets in offshore havens from tax authorities.
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