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Jeffrey Sachs' Fight Against Foreign Tax Havens

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  • Strongly Liberal Democrat
    Democrat
    Portland, OR
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    Columbia University's Jeffrey Sachs has been on a moral crusade his entire professional life to expose the rampant economic inequalities that exist throughout our society and world. He recently has been sounding the alarm on foreign tax havens that the rich and powerful use to stash their fortunes with little to no taxation at all.

    As recent budget crises in Europe are starting to show, it isn't always sound fiscal policy to be a tax haven for the elite. The country of Cyprus is experiencing an economic meltdown of seismic proportions due in large part to their banking regulations that made it a magnet for Russian tycoons. You know you are heading for trouble when your economy has far more in liabilities and assets than the countries total income.

    Mitt Romney, the Republican candidate for President in 2012, also holds an unknown amount of money in the Cayman Islands, another major tax haven for the rich and powerful. And if you aren't sold that they are, just look at this stat: The Cayman Islands have a population of 54,878, but there are 92,000 corporations that call Cayman home. You read that right--there are 37,122 more corporations in the Cayman's than there are individuals. Something needs to change.

    Thankfully, Jeffrey Sachs has been more and more vocal about the rampant inequalities that corrupt the banking and finance systems in so many countries. If only there were a lobby out there that cared as much about this issue as there are lobbies that push to keep things just as they are.