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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'It comes up on you fast:' Scorching heat is crushing American businesses | CNN BusinessA 119-degree day in Phoenix hits like a blast of hot air from the oven with no relief in sight, and for a business owner like Lyn Thomas, there’s hardly any avoiding it.
Source: CNN - 🏆 4. / 95 Read more »
'Barbie' dominates the box office, raking in a $155 million opening weekend | CNN BusinessGreta Gerwig’s “Barbie” raked in a stunning $155 million domestically over the weekend, giving the film the largest opening weekend of 2023 and the biggest ever debut for a female director.
Source: CNN - 🏆 4. / 95 Read more »
What's ahead this week for Wall Street and the economy | CNN BusinessWhat's ahead this week for Wall Street and the economy | Analysis by Krystal Hur
Source: CNN - 🏆 4. / 95 Read more »
Sex scene in 'Oppenheimer' becomes latest target of India's Hindu nationalists | CNN BusinessChristopher Nolan’s latest blockbuster movie “Oppenheimer” has sparked controversy among the Hindu-right in India, with some calling for a boycott and demanding the removal of a sex scene in which the titular character utters a famous line from the religion’s holy scripture.
Source: CNN - 🏆 4. / 95 Read more »
Elon Musk begins process of rebranding Twitter as X | CNN BusinessIn a radical rebranding, Twitter owner Elon Musk has begun the process of replacing Twitter’s iconic bird logo with X.
Source: CNN - 🏆 4. / 95 Read more »