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Taxing Hidden Wealth: The Consequences of U.S. Enforcement Initiatives on Evasive Foreign Accounts / Niels Johannesen, Patrick Langetieg, Daniel Reck, Max Risch, Joel Slemrod.
- Format:
- Book
- Author/Creator:
- Johannesen, Niels.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24366.
- NBER working paper series no. w24366
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Taxing Hidden Wealth
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- In 2008, the IRS initiated efforts to curb the use of offshore accounts to evade taxes. This paper uses administrative microdata to examine the impact of the enforcement efforts on taxpayers' reporting of offshore accounts and income. Enforcement caused approximately 60,000 individuals to disclose offshore accounts with a combined value of around $120 billion. Most disclosures happened outside offshore voluntary disclosure programs by individuals who never admitted prior noncompliance. The disclosed accounts were concentrated in countries whose institutions facilitate tax evasion. The enforcement-driven disclosures increased annual reported capital income by $2.5-$4 billion corresponding to $0.7-$1.0 billion in additional tax revenue.
- Notes:
- Print version record
- March 2018.
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