The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay
by Emmanuel Saez and Gabriel Zucman · 14 Oct 2019 · 232pp · 70,361 words
THE TRIUMPH OF INJUSTICE How the Rich Dodge Taxes and How to Make Them Pay EMMANUEL SAEZ AND GABRIEL ZUCMAN CONTENTS Introduction REINVENTING FISCAL DEMOCRACY Chapter 1INCOME AND TAXES IN AMERICA Chapter 2FROM BOSTON TO RICHMOND Chapter 3HOW INJUSTICE TRIUMPHS Chapter 4WELCOME TO BERMULAND Chapter
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Corporations Income Shifting Through Choice of Ownership Structure—A Norwegian Case.” Finnish Economic Papers 23, no. 2 (2010): 73–87. Alstadsæter, Annette, Niels Johannesen, and Gabriel Zucman. “Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality.” Journal of Public Economics 162 (2018): 89–100. ——— . “Tax Evasion and
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Inequality.” American Economic Review 109, no. 6 (2019): 2073–2103. Alvaredo, Facundo, Anthony Atkinson, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. “Distributional National Accounts (DINA) Guidelines: Concepts and Methods Used in the World Wealth and Income Database.” WID Working Paper 2016/1, 2016. Alvaredo, Facundo, Lucas
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Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. World Inequality Report 2018. Cambridge, MA: Harvard University Press, 2018. Atack, Jeremy, and Peter Passell. A New Economic View of American History from Colonial Times
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Reversal of the College Gender Gap.” Journal of Economic Perspectives 20, no. 4 (2006): 133–156. Guyton, John, Patrick Langetieg, Daniel Reck, Max Risch, and Gabriel Zucman. “Tax Evasion by the Wealthy: Measurement and Implications,” UC Berkeley Working Paper 2019. Hall, Challis A. Effects of Taxation on Executive Compensation and Retirement Plans
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-papers/. International Monetary Fund. “Corporate Taxation in the Global Economy,” IMF Policy Paper no. 19/007, March 2019. Jakobsen, Katrine, Kristian Jakobsen, Henrik Kleven, and Gabriel Zucman. “Wealth Taxation and Wealth Accumulation: Theory and Evidence from Denmark.” National Bureau of Economic Research Working Paper no. 24371, 2018, forthcoming in Quarterly Journal of
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Economics. Johannesen, Niels, and Gabriel Zucman. “The End of Bank Secrecy? An Evaluation of the G20 Tax Haven Crackdown.” American Economic Journal: Economic Policy 6, no. 1 (2014): 65–91. Johnston
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. “Optimal Taxation of Top Labor Incomes: A Tale of Three Elasticities.” American Economic Journal: Economic Policy 6, no. 1 (2014): 230–271. ———, Emmanuel Saez, and Gabriel Zucman. “Distributional National Accounts: Methods and Estimates for the United States.” Quarterly Journal of Economics 133, no. 1 (2018): 553–609. ———, and
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Is Back: Wealth-Income Ratios in Rich Countries 1700–2010.” Quarterly Journal of Economics 129, no. 3 (2014): 1255–1310. ———, and Gabriel Zucman. “Wealth and Inheritance in the Long Run,” In Anthony B. Atkinson and Francois Bourguignon, eds., Handbook of Income Distribution, Volume 2, 1303–1368. Amsterdam: Elsevier
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50, no. 1 (2012): 3–50. ———, and Stefanie Stantcheva. “A Simpler Theory of Optimal Capital Taxation.” Journal of Public Economics 162 (2018): 120–142. ———, and Gabriel Zucman. “Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data.” Quarterly Journal of Economics 131, no. 2 (2016): 519–578. ———, and
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Distributional Tax Incidence: Who Pays Current Taxes vs. Tax Reform Analysis.” UC Berkeley Working Paper 2019. ———, and Gabriel Zucman. “Progressive Wealth Taxation.” Brookings Papers on Economic Activity, 2019b. ———, and Gabriel Zucman. “A National Income Tax.” UC Berkeley Working Paper 2019c. Scheve, Kenneth, and David Stasavage. Taxing the Rich: A History of Fiscal Fairness in
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, 2003. Toder, Eric. “Explaining the TCJA’s International Reforms.” Tax Policy Center, Urban Institute and Brookings Institution, February 2, 2018. Tørsløv, Thomas, Ludvig Wier, and Gabriel Zucman. “The Missing Profits of Nations.” National Bureau of Economic Research Working Paper no. 24701, 2018. US Bureau of the Census. Historical Statistics of the United
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. ———. “Time for a Wealth Tax?” Boston Review, February 1, 1996. Wright, Ronald. A Short History of Progress. Toronto: House of Anansi, 2004. Wright, Thomas, and Gabriel Zucman. “The Exorbitant Tax Privilege.” National Bureau of Economic Research Working Paper no. 24983, 2018. Zucman, Gabriel. “The Missing Wealth of Nations: Are Europe and the
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inferred. W. W. Norton & Co., Inc., is not responsible for third-party content (website, blog, information page, or otherwise). Copyright © 2019 by Emmanuel Saez and Gabriel Zucman All rights reserved First Edition For information about permission to reproduce selections from this book, write to Permissions, W. W. Norton & Company, Inc., 500 Fifth
The Hidden Wealth of Nations: The Scourge of Tax Havens
by Gabriel Zucman, Teresa Lavender Fagan and Thomas Piketty · 21 Sep 2015 · 121pp · 34,193 words
The Hidden Wealth of Nations The Hidden Wealth of Nations The Scourge of Tax Havens Gabriel Zucman Translated by Teresa Lavender Fagan With a Foreword by Thomas Piketty The University of Chicago Press Chicago and London GABRIEL ZUCMAN is assistant professor at the London school of economics. The University of Chicago Press, Chicago 60637 The
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Library of Congress Cataloging-in-Publication Data Zucman, Gabriel, author. [Richesse cachée des nations. English] The hidden wealth of nations: the scourge of tax havens / Gabriel Zucman; translated by Teresa Lavender Fagan; with a foreword by Thomas Piketty. pages; cm Includes bibliographical references and index. ISBN 978-0-226-24542-3 (cloth
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you are interested in inequality, global justice, and the future of democracy, then you should definitely read this book. The Hidden Wealth of Nations by Gabriel Zucman is probably the best book that has ever been written on tax havens and what we can do about them. It is nontechnical and lively
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holdings of European households). Source: Bergier and Volker Commissions, Swiss National Bank, and calculations by the author (see the online appendix to chapter 1, www.gabriel-zucman.eu. We mustn’t exaggerate the competition that these other centers represent for Switzerland, however. In spite of the decline of its share of the
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Switzerland is placed in mutual funds, principally in Luxembourg. Source: Swiss National Bank and calculations by the author (see online annex to chapter 1, www.gabriel-zucman.eu). More important, 60% of the assets belonging to foreigners are attributed to the British Virgin Islands, Panama, and other territories where shell corporations, trusts
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the world’s offshore wealth was in Switzerland. Source: Country balance sheets, SNB, and calculations by the author (see online appendix to chapter 2, www.gabriel-zucman.eu). Only Switzerland (and to a lesser extent Luxembourg), however, provides direct information on the stocks of offshore fortunes managed by domestic banks. To have
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through unreported offshore accounts cost about $190 billion to governments around the world. Source: Calculations by the author (see online appendix to chapter 2, www.gabriel-zucman.eu). The key source of information on what fraction of offshore wealth is declared versus being invisible to tax authorities comes, again, from Switzerland. Since
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52% 1 Gulf countries 800 57% 0 Total 7,600 8.0% 190 Source: Calculations by the author (see online appendix to chapter 2, www.gabriel-zucman.eu). Even where offshore wealth reaches less extreme proportions, it is important to note that this form of evasion benefits almost entirely the wealthiest. In
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directive. Figure 5: Who holds accounts in Switzerland? The effect of the 2005 savings tax directive. Source: BNS (see online appendix to chapter 3, www.gabriel-zucman.eu). If all the interest and dividends earned in Switzerland by residents of the European Union were indeed subject to a tax of 35%, this
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management, used by all other financial centers. Figure 6: Luxembourg: From steel to Clearstream (% of GDP). Source: Statec (see online appendix to chapter 4, www.gabriel-zucman.eu). The signatories of the Treaty of Rome could not have envisioned the possibility of such an upheaval when they established the bases of European
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. In 2013 total income on US direct investment abroad was about $500 billion, 17% coming from the Netherlands, 8% from Luxembourg, and so on. Source: Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. In 2004 Congress granted a repatriation
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earned by US residents, on average $16 is paid in corporate taxes to the US government (federal and state) and $4 to foreign governments. Source: Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. Granted, not all that decline should
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battle of citizens against the false inevitability of tax evasion and the impotence of nations. Notes 1. These data are gathered on the website www.gabriel-zucman.eu. This site provides details on all the calculations on which the results presented in this book are based. Numbers, tables, graphs: all can be
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letter. This work is largely the result of four years of rigorous, but certainly not definitive, research, which formed the basis of my PhD dissertation: Gabriel Zucman, “Three Essays on the World Distribution of Wealth” (PhD diss., Paris School of Economics, EHESS, 2013). I thank in advance readers who wish to send
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suggestions to improve my approach. 2. See Malik Mazbouri, L’Émergence de la place financière suisse (1890–1913) (Lausanne: Antipodes, 2005). 3. Thomas Piketty and Gabriel Zucman, “Capital Is Back: Wealth-Income Ratios in Rich Countries, 1700–2010,” Quarterly Journal of Economics 129, no. 3 (2014). 4. “Keeping Mum,” Economist, February 17
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paper, Centre for Governance and Public Policy, Griffith University, 2012, http://www.gfintegrity.org/wp-content/uploads/2014/05/Global-Shell-Games-2012.pdf. 9. Gabriel Zucman, “The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or Net Creditors?,” Quarterly Journal of Economics 128, no. 3 (2013). 10
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several hundreds of billions of dollars. 11. All details are available online in the appendix to chapter 1 at www.gabriel-zucman.eu. 12. For a detailed description of my method, see Gabriel Zucman, “The Missing Wealth of Nations: Are Europe and the U.S. Net Debtors or Net Creditors?,” Quarterly Journal of Economics
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128, no. 3 (2013), and the online appendix at www.gabriel-zucman.eu. 13. Philip Lane and Gian Maria Milesi-Ferretti, “The External Wealth of Nations Mark II: Revised Estimates of Foreign Assets and Liabilities, 1970–2004
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-suisse.com/tasks/render/file/?fileID=BCDB1364-A105-0560-1332EC9100FF5C83. 19. Adam, “Impact de l’échange automatique d’informations,” p. 8. 20. Thomas Piketty and Gabriel Zucman, “Capital Is Back: Wealth-Income Ratios in Rich Countries, 1700–2010,” Quarterly Journal of Economics 129, no. 3 (2014). 21. Bulletin de statistique et de
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, p. 280. See also the budget plan for 1910, Bulletin de statistique et de législation comparée, vol. 1, 1909, p. 627. 22. Niels Johannesen and Gabriel Zucman, “The End of Bank Secrecy?: An Evaluation of the G20 Tax Haven Crackdown,” American Economic Journal: Economic Policy 2014 6, no. 1 (2014): 65–91
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, http://gabriel-zucman.eu/files/JohannesenZucman2014. 23. See US Senate, Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts. Staff Report of
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the Permanent Subcommittee on Investigations (Washington, DC: February 2014). See also Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. 24. Federal administration of contributions, Directives
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(ROC) of the Global Legal Entity Identifier System at http://www.leiroc.org. 29. Part of the material in this chapter was originally published in Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. 30. Kimberly A. Clausing, “Tax-Motivated
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://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html. 32. See Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. 33. Dhammika Dharmapala, C. Fritz Foley
Cancelling Billionaires Before They Cancel Us: The Urgent Case for a Wealth Tax
by Linda McQuaig and Neil Brooks · 3 Mar 2026 · 291pp · 83,422 words
, it will be because of a decade of hard slogging by the team gathered in Paris, led by the brilliant French economists Thomas Piketty and Gabriel Zucman. Their crusade for a new wealth tax — unlike the notoriously ineffective wealth taxes implemented by many European countries — has made considerable progress, despite the headwinds
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big way through the introduction of a wealth tax. Following the path-breaking work of Piketty, the torch was picked up by his former student Gabriel Zucman, who had gone on to teach economics at both the Paris School of Economics and the University of California, Berkeley. Along with another Berkeley economist
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it.” With Brazil assuming the G20 presidency for 2024, the left-wing government of President Luiz Inacio Lula da Silva took up the challenge, inviting Gabriel Zucman to address G20 finance ministers and central bankers. Zucman, who had just been awarded the prestigious John Bates Clark Medal for the best economist under
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at taxing the ultra-wealthy, has been developed by some of the world’s brightest economic minds, including renowned economists Thomas Piketty, Emanuel Saez, and Gabriel Zucman. The tax would be applied at the national level, but the more nations imposing it, the more effective it would be. As noted in the
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footprint of people in different income groups, as compiled by the World Inequality Lab, the international team of economists led by Thomas Piketty, Emmanuel Saez, Gabriel Zucman, and Lucas Chancel. The four billion poorest people, about half of humanity, emit an annual average of just 1.6 tons of carbon per person
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number of people who were merely upper middle class. The mistakes of these earlier wealth taxes have been studied by the French economists — Thomas Piketty, Gabriel Zucman, and Emmanuel Saez — who have played leading roles in designing the new crop of wealth taxes, including those proposed by U.S. Senators Warren and
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wealth tax is unlikely to have an impact on innovators or aspiring entrepreneurs, who are typically young and usually not rich. As Emmanuel Saez and Gabriel Zucman have pointed out, a high threshold ensures that a wealth tax would not affect emerging businesses but instead hit the owners of established businesses. This
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years. 4 Ibid., 139. 5 Piketty, Capital in the Twenty-First Century, translated by Arthur Goldhammer (Harvard University Press, 2014), 493. 6 Emmanuel Saez and Gabriel Zucman, The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay (W.W. Norton, 2019). Both authors received the John Bates
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-rich-americans. 12 Bernie Sanders, Tax on Extreme Wealth, September 24, 2019, berniesanders.com/issues/tax-extreme-wealth/. 13 Emmanuel Saez and Gabriel Zucman, September 22, 2019, University of California, Berkeley, gabriel-zucman.eu/files/saez-zucman-wealthtax-sanders.pdf. 14 Ben White, “Corporate American Freaks Out Over Elizabeth Warren,” Politico, October 23, 2019
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Proposals,” 34–36, home.treasury.gov/system/files/131/General-Explanations-FY2023.pdf. 17 “G20 Leaders Must Tax Extreme Wealth,” September 2023, taxextremewealth.com/. 18 Gabriel Zucman, “A Blueprint for a Coordinated Minimum Effective Taxation Standard for Ultra-High-Net-Worth Individuals,” July 25, 2024, taxobservatory.eu//www-site/uploads/2024/06
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2024, G20+ Global Report: Attitudes to Political and Economic Transformation,” June 2024, earth4all.life/global-survey-2024/. 24 Annette Alstadsaeter, Sarah Godar, Panayiotis Nicolaides, and Gabriel Zucman, “Global Tax Evasion Report, 2024,” EU Tax Observatory, taxobservatory.eu/publication/global-tax-evasion-report-2024/. 25 David Coletto, “To Reduce the Deficit, Canadians Want
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, November 20, 2023, 26, policy-practice.oxfam.org/resources/climate-equality-a-planet-for-the-99-621551/. 4 Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, World Inequality Report 2022 (Harvard University Press, 2022), 123, wir2022.wid.world/www-site/uploads/2023/03/D_FINAL_WIL_RIM_RAPPORT_2303.pdf. 5
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question of how strong Canada would be in enforcing the tax and in punishing those who evaded it. After a review of the empirical evidence, Gabriel Zucman and Emmanuel Saez of the World Inequality Lab estimated a 16 percent reduction — due to avoidance and evasion — in the revenue that would be collected
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is similar to that of Senator Sanders, we’ve assumed a similar 16 percent reduction. See Emmanuel Saez and Gabriel Zucman, “Memo Analyzing Senator Sanders’ Proposed Progressive Annual Wealth Tax,” September 22, 2019, gabriel-zucman.eu/files/saez-zucman-wealthtax-sanders.pdf. 4 Alex Hemingway, “Robust Wealth Tax Could Raise $363B over 10 Years
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a year. The key difference in the estimates is that Hemingway assumes an “avoidance and evasion” rate of 16 percent (based on assumptions made by Gabriel Zucman and Emmanuel Saez in their assessment of Bernie Sanders’s wealth tax), whereas the PBO assumes a more robust rate of 35 percent. Office of
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(CCPA, April 2024), 19, policyalternatives.ca/wp-content/uploads/2024/05/canadas-shift-to-more-regressive-tax-system_2024-04-29-225120_mhdu.pdf. 9 Gabriel Zucman, “A Blueprint for a Co-ordinated Minimum Effective Taxation Standard for Ultra-high-net-worth Individuals,” Commissioned by the Brazilian G20 Presidency, June 25, 2024
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Australia, New Zealand, and Norway had lasting and large effects on top income shares but no significant effects on economic growth. 28 Emmanuel Saez and Gabriel Zucman, “Progressive Wealth Taxation,” Brookings Papers on Economic Activity, Fall 2019, 437, 49, brookings.edu/articles/progressive-wealth-taxation/. 29 Andrew Coyne, “What Is the Problem
The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite
by Daniel Markovits · 14 Sep 2019 · 976pp · 235,576 words
, 233. Wealth in tax havens is, for obvious reasons, difficult to find and measure. For some of the complexities, see Annette Alstadsaeter, Niels Johannesen, and Gabriel Zucman, “Who Owns Wealth in Tax Havens: Macro Evidence and Implications for Global Inequality,” NBER Working Paper No. 23805 (September 2017), 8, www.nber.org/papers
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-business (concluding that talent has “started taking more of the profits from capital”). nine-tenths of their income from capital: Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “Distributional National Accounts: Methods and Estimates for the United States,” NBER Working Paper No. 22945 (2016), 26, 49, Figure 8, http
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://gabriel-zucman.eu/files/PSZ2016.pdf. Hereafter cited as Piketty, Saez, and Zucman, “Distributional National Accounts.” reaching bottom in 2000: Piketty, Saez, and Zucman, “Distributional National Accounts,”
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26, 49, Figure 8. (roughly 49 percent and 53 percent, respectively): Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “Distributional National Accounts: Methods and Estimates for the United States,” Quarterly Journal of Economics 133, no. 2 (May 2018): 553–609, Figure viii. (when the
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decade of the new millennium. These numbers are calculated from the distributional series included in Piketty, Saez, and Zucman, “Distributional National Accounts,” Appendix II, http://gabriel-zucman.eu/files/PSZ2016DataAppendix.pdf. The calculations for the 1 percent are based on Table B2b (also labeled TA2b) and divide the sum of columns 20
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Estate Tax Returns,” National Tax Journal 57, no. 2 (June 2004): 453. The 42 percent estimate, which uses household data, comes from Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” Quarterly Journal of Economics 131, no. 2 (May 2016): 520. Hereafter
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by wealthy versus ordinary Americans. Saez and Zucman, “Wealth Inequality in the United States Since 1913,” Appendix, Figures B29–B31, B33, Tables B30–B31, http://gabriel-zucman.eu/files/SaezZucman2016QJEAppendix.pdf.) roughly 20 percent today: See World Top Incomes Database, United States / Pre-tax national income / P99-P100 / Share, October 29, 2018
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. dominated by industrial machines: For an effort to identify the sources of wealth in several countries over the past three centuries, see Thomas Piketty and Gabriel Zucman, “Wealth-Income Ratios in Rich Countries 1700–2010,” 6, Figures 9–12, Figure 15, www.parisschoolofeconomics.com/zucman-gabriel/capitalisback/PikettyZucman2013WP.pdf. Piketty and Zucman
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Egnal, A Mighty Empire: The Origins of the American Revolution (Ithaca, NY: Cornell University Press, 1988), 14, Table 1.2. See also Thomas Piketty and Gabriel Zucman, Capital Is Back: Wealth-Income Ratios in Rich Countries 1700–2010, Paris School of Economics, July 26, 2013, accessed September 28, 2018, www.parisschoolofeconomics.com
A World Without Work: Technology, Automation, and How We Should Respond
by Daniel Susskind · 14 Jan 2020 · 419pp · 109,241 words
fallen consistently over the last few decades, even though the nominal tax rate—the one actually set by law—has been steady since the 1990s. Gabriel Zucman, the leading scholar of these trends, estimates that the effective tax rate paid by businesses to the US government fell by 10 percent between 1998
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Justice (Cambridge, MA: Harvard University Press, 1999), p. 266. 14. These are pre-tax income, from Appendix Data FS40 in Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “Distribution National Accounts: Methods and Estimates for the United States,” Quarterly Journal of Economics 133, no. 2 (2018): 553–609. The data is available at
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http://gabriel-zucman.eu/usdina/. The bottom 10 percent are omitted, as the authors note, since their pre-tax income is close to zero, and sometimes negative. 15
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United States,” published online at https://eml.berkeley.edu/~saez/ (2016); Piketty, Capital in the Twenty-First Century, p. 315. 23. Emmanuel Saez and and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” Quarterly Journal of Economics 131:2 (2016): 519–78. This is
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drawn from DataFig8-9b in the online data appendix, at http://gabriel-zucman.eu/. 24. Laura Tyson and Michael Spence, “Exploring the Effects of Technology on Income and Wealth Inequality” in Heather Boushey, J. Bradford DeLong, and Marshall
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and 257. 46. Ibid., p. 257. 47. Joseph Stiglitz, “Inequality and Economic Growth,” Political Quarterly 86, no. 1 (2016): 134–55. 48. Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” Quarterly Journal of Economics 131, no. 2 (2016): 519–78. 49
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. Thomas Piketty and Gabriel Zucman, “Capital Is Back: Wealth–Income Ratios in Rich Countries 1700–2010,” Quarterly Journal of Economics 129, no. 3 (2014): 1255–1310. 50. Data is from
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Twenty-First Century. 19. Figure 10.1 is for those with a GDP greater than $300 billion in 2007 (from Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman, “Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality,” Journal of Public Economics 162 (2018): 89–100. The figure was
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produced by Gabriel Zucman, available at https://gabriel-zucman.eu/offshore/ (accessed September 2018). 20. Alstadsæter, Johannesen, and Zucman, “Who Owns the Wealth in Tax Havens?,” p. 100. 21. This reasoning is
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), p. 757. 22. Alstadsæter, Johannesen, and Zucman, “Who Owns the Wealth in Tax Havens?,” figure 5. Figure is adapted from one produced by Gabriel Zucman, available at https://gabriel-zucman.eu/offshore/ (accessed September 2018). 23. “Taxing Inheritances Is Falling Out of Favour,” Economist, 23 November 2017. 24. Ibid.; and Caroline Freund and Sarah
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basic tax rate in the Republic of Ireland is 20 percent. 27. This share has gone from 2 to 17 percent; see figure 3 in Gabriel Zucman, “Taxing Across Borders: Tracking Personal Wealth and Corporate Profits,” Journal of Economic Perspectives 28, no. 4 (2014): 121–48. 28. “Apple Pays Disputed Irish Tax
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.com/2012/04/13/taxes-civilize/. 31. This is figure 5 in Zucman, “Taxing Across Borders.” The figure is adapted from one available at https://gabriel-zucman.eu/ (accessed September 2018). This figure reports decennial averages (e.g., 1990–99 is the average of 1990, 1991 … and 1999). 32. TRAC, “Millionaires and
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. “The Industrial Revolution in Miniature: The Spinning Jenny in Britain, France, and India.” Oxford University Working Paper No. 375 (2017). Alstadsæter, Annette, Niels Johannesen, and Gabriel Zucman. “Tax Evasion and Inequality.” American Economic Review 109, no. 6 (2019): 2073–103. ________. “Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for
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University Press, 2014. Piketty, Thomas, and Emmanuel Saez. “A Theory of Optimal Capital Taxation.” NBER Working Paper No. 17989 (2012). Piketty, Thomas, Emmanuel Saez, and Gabriel Zucman. “Distribution National Accounts: Methods and Estimates for the United States.” Quarterly Journal of Economics 133, no. 2 (2018): 553–609. Piketty, Thomas, and
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Gabriel Zucman. “Capital Is Back: Wealth–Income Ratios in Rich Countries 1700–2010.” Quarterly Journal of Economics 129, no. 3 (2014): 1255–1310. Pleijt, Alexandra, and Jacob
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, Emmanuel, and Thomas Piketty. “Income Inequality in the United States, 1913–1998.” Quarterly Journal of Economics 118, no. 1 (2003), 1–39. Saez, Emmanuel, and Gabriel Zucman. “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data.” Quarterly Journal of Economics 131, no. 2 (2016): 519–78. Salehi
The Upswing: How America Came Together a Century Ago and How We Can Do It Again
by Robert D. Putnam · 12 Oct 2020 · 678pp · 160,676 words
income (mid-1980s vs. mid-1970s)—presumably, it takes several years of multimillion-dollar bonuses to afford your first private jet. As Emmanuel Saez and Gabriel Zucman observe, “Income inequality has a snowballing effect on wealth distribution.”38 On the other hand, the dramatic recent increase in wealth inequality has begun to
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economic tide lifted all boats.”43 In fact, during this period the dinghies actually rose faster than the yachts. Economists Thomas Piketty, Emmanuel Saez, and Gabriel Zucman report that over these postwar decades the post-tax and transfer income of the poorest 20 percent grew three times faster than the income of
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over the last half century have emphasized the same factors that we have just outlined. “In the United States,” argue Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “the stagnation of bottom 50% incomes and the upsurge in the top 1% coincided with reduced progressive taxation, widespread deregulation (particularly in the financial sector
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capital income and nontaxable health and fringe benefits, as well as state and local taxes) over the last ten decades: Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “Distributional National Accounts: Methods and Estimates for the United States,” The Quarterly Journal of Economics 133, no. 2 (May 2018): 553–609, https://doi.org
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: Evidence and Policy Implications,” Contemporary Economic Policy 35, no. 1 (2017), 8. 34 Piketty, Saez, and Zucman, “Distributional National Accounts.” See also Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” The Quarterly Journal of Economics 131, no. 2 (May 2016): 519
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Wealth Recovered?,” Working Paper 24085 (National Bureau of Economic Research, November 2017), https://doi.org/10.3386/w24085. 36 Saez, “Income and Wealth Inequality,” 13. Gabriel Zucman, “Global Wealth Inequality,” Annual Review of Economics 11, no. 1 (August 2, 2019): 109–38, https://doi.org/10.1146/annurev-economics-080218-025852, demonstrates
Good Economics for Hard Times: Better Answers to Our Biggest Problems
by Abhijit V. Banerjee and Esther Duflo · 12 Nov 2019 · 470pp · 148,730 words
. As we saw, countries with a simple tax code with few loopholes lose less from evasion when taxes go up than the United States.71 Gabriel Zucman has convincingly argued that there are many relatively straightforward things that would help a lot in limiting tax evasion and tax avoidance. Among his ideas
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Pavcnik, “Distributional Effects of Globalization in Developing Countries,” Journal of Economic Literature 45, no. 1 (March 2007): 39–82. 19 Thomas Piketty, Li Yang, and Gabriel Zucman, “Capital Accumulation, Private Property and Rising Inequality in China, 1978–2015,” American Economic Review, forthcoming in 2019, working paper version accessed on June 19, 2019
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, http://gabriel-zucman.eu/files/PYZ2017.pdf. 20 Topalova, “Factor Immobility and Regional Impacts of Trade Liberalization.” 21 Gaurav Datt, Martin Ravallion, and Rinku Murgai, “Poverty Reduction in
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, The Great Reversal: How America Gave Up on Free Markets (Cambridge: Harvard University Press, 2019). 69 Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “World Inequality Report 2018: Executive Summary,” World Inequality Lab, 2018. 70 Mats Elzén and Per Ferström, “The Ignorance Survey: United States,” Gapminder, 2013, https://static
…
_spending. 28 John Kenneth Galbraith. “Recession Economics.” New York Review of Books, February 4, 1982. 29 Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “World Inequality Report 2018: Executive Summary,” Wid.World, 2017, accessed April 13, 2019, from the World Inequality Lab website: https://wir2018.wid.world/files/download
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: Economic Policy 6, no. 1 (2014): 230–71, DOI: 10.1257/pol.6.1.230. 32 Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “World Inequality Report 2018,” Wid.World, retrieved from the World Inequality Lab website: https://wir2018.wid.world/files/download/wir2018-full-report-english.pdf. 33
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CEO Pay Increased So Much?,” Quarterly Journal of Economics 123, no. 1 (2008): 49–100. 44 Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez, and Gabriel Zucman, “World Inequality Report 2018,” Wid.World, 2017, retrieved from the World Inequality Lab website: https://wir2018.wid.world/files/download/wir2018-full-report-english.pdf
…
–28. 58 Thomas Piketty, Capital in the Twenty-First Century, trans. Arthur Goldhammer (Cambridge, MA: Harvard University Press, 2014), 550–51, and Emmanuel Saez and Gabriel Zucman, “Alexandria Ocasio-Cortez’s Idea Is Not about Soaking the Rich,” accessed April 20, 2019, https://www.nytimes.com/2019/01/22/opinion/ocasio-cortez
…
-nfl-nba-and-nhl/#1e35ced969b3. 61 Our discussion in this section and the next draws heavily on the work of Thomas Piketty, Emmanuel Saez, and Gabriel Zucman. A reader who wants to go deeper is enjoined to read Thomas Piketty, Capital in the Twentieth Century, trans. Arthur Goldhammer (Cambridge, MA: Harvard University
…
Press, 2014); Gabriel Zucman’s The Hidden Wealth of Nations (Chicago: University of Chicago Press, 2015); and Saez’s and Zucman’s forthcoming book, The Triumph of Injustice. 62
…
and International Migration of Superstars: Evidence from the European Football Market,” American Economic Review 103, no. 5: 1892–1924. 66 Annette Alstadsæter, Niels Johannesen, and Gabriel Zucman, “Tax Evasion and Inequality,” NBER Working Paper 23772, 2018. 67 Thomas Piketty, Capital in the Twenty-First Century, trans. Arthur Goldhammer (Cambridge, MA: Harvard University
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? Evidence from a Tax Audit Experiment in Denmark,” Econometrica 79 (2011): 651–92, doi:10.3982/ECTA9113. 72 Gabriel Zucman, “Sanctions for Offshore Tax Havens, Transparency at Home,” New York Times, April 7, 2016; Gabriel Zucman, “The Desperate Inequality behind Global Tax Dodging,” Guardian, November 8, 2017. 73 Henrik Jacobsen Kleven, Camille Landais, Emmanuel
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, 2018, accessed June 18, 2018, https://www.oecd.org/tax/tax-policy/revenue-statistics-highlights-brochure.pdf. 2 Emmanuel Saez and Gabriel Zucman to Elizabeth Warren, January 18 2019, http://gabriel-zucman.eu/files/saez-zucman-wealthtax-warren.pdf. 3 Ben Casselman and Jim Tankersly, “Democrats Want to Tax the Wealthy. Many Voters Agree
Capital Without Borders
by Brooke Harrington · 11 Sep 2016 · 358pp · 104,664 words
, and citizenship has become, partly thanks to the work of wealth managers. A new state system? Picking up on this theme, recent work by economist Gabriel Zucman has argued that the offshore financial system has grown to be such a threat to the old Westphalian order that it calls into question the
…
, see Heather Stewart, “Wealth Doesn’t Trickle Down—It Just Floods Offshore, New Research Reveals,” The Guardian, July 21, 2012. For tax loss figure, see Gabriel Zucman, The Hidden Wealth of Nations (Chicago: University of Chicago Press, 2015). 39. Jonathan Beaverstock, Philip Hubbard, and John Short, “Getting Away with It? Exposing the
…
, Economic Entrenchment, and Growth,” Journal of Economic Literature 43 (2005): 655–720. 48. Jens Beckert, Inherited Wealth (Princeton, NJ: Princeton University Press, 2008), 18. 49. Gabriel Zucman, The Hidden Wealth of Nations (Chicago: University of Chicago Press, 2015), 53. 50. Federico Cingano, “Trends in Income Inequality and Its Impact on Economic Growth
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,” paper presented at the annual meeting of the Eastern Economic Association, Boston, 2012. 108. Palan et al.,Tax Havens, 12. 109. Thomas Piketty, “Foreword,” in Gabriel Zucman, The Hidden Wealth Of Nations (Chicago: University of Chicago Press, 2015), viii. 110. Adam Hofri, “The Stripping of the Trust: A Study in Legal Evolution
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University Press, 1999 [1790]). 16. Philipp Genschel, “Globalization and the Transformation of the Tax State,” European Review 13 (2005): 60. 17. Thomas Piketty, “Foreword,” in Gabriel Zucman, The Hidden Wealth of Nations (Chicago: University of Chicago Press, 2015), xii. 18. Ibid. See also Ronen Palan, “Trying to Have Your Cake and Eating
…
, 2015. 71. Richard Bellamy, review of The Cosmopolites: The Coming of the Global Citizen, by Atossa Araxia Abrahamian, New York Times, January 11, 2016. 72. Gabriel Zucman, The Hidden Wealth of Nations (Chicago: University of Chicago Press, 2015), 79. 73. Ibid., 91. 74. Oliver Bullough, “The Fall of Jersey: How a Tax
The Raging 2020s: Companies, Countries, People - and the Fight for Our Future
by Alec Ross · 13 Sep 2021 · 363pp · 109,077 words
still caters to organized crime, the offshore system now serves the whole array of global elites, and the scale of the tax evasion is massive. Gabriel Zucman, an economist at the University of California, Berkeley, estimated in 2015 that about $7.6 trillion in private assets is hidden in global tax havens
…
off the books and absconding with the money. In these cases, “we’re not talking about tax competition, but of theft pure and simple,” said Gabriel Zucman, the economist and author of The Hidden Wealth of Nations. “Luxembourg or the Cayman Islands offer some taxpayers who wish to do so the possibility
…
while, the US loses billions per year in taxes. To significantly reduce tax evasion, the international community needs to chip away at banking secrecy. Economist Gabriel Zucman thinks he knows the place to start. In his book The Hidden Wealth of Nations, Zucman proposes creating a “global financial register,” a consolidated log
…
-taxes-by-shifting-billions-to-bermuda-again; Google Netherlands Holdings B.V., Annual Accounts for Publication Purposes 2018, 4. Where did it receive that license?: Gabriel Zucman, “How Corporations and the Wealthy Avoid Taxes (and How to Stop Them),” New York Times, November 10, 2017, https://www.nytimes.com/interactive/2017/11
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/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html. where the corporate tax rate is 0 percent: “Corporate Tax Rates Table,” https://home.kpmg/xx/en/home/services/tax
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],” Forbes, March 23, 2017, https://www.forbes.com/sites/niallmccarthy/2017/03/23/tax-avoidance-costs-the-u-s-nearly-200-billion-every-year-infographic/; Gabriel Zucman, The Hidden Wealth of Nations: The Scourge of Tax Havens (Chicago: University of Chicago Press, 2015), 53, digamo.free.fr/zucman152.pdf. In its 2020
Dirty Secrets How Tax Havens Destroy the Economy
by Richard Murphy · 14 Sep 2017 · 241pp · 63,981 words
$35 trillion. His estimate is based on multiple sources, including wealth managers themselves, and multiple methodologies, but may still be wildly off-target. In contrast, Gabriel Zucman has suggested a somewhat lower figure of about $7.6 trillion – but there are real problems with his work, including the fact that he does
…
43 per cent. The difference before and after 2008 is significant. What is not clear, however, is whether the amount of wealth offshore has stalled. Gabriel Zucman, in The Hidden Wealth of Nations, suggests that in 1980 around 6 per cent of world wealth was in tax havens, and that by 2013
…
another estimate that fits a trend of the reported losses being of similar orders of magnitude. The two most striking alternative estimates are those of Gabriel Zucman and the IMF. Zucman, a French economist, first published his estimates of the cost of tax havens in 2013, and repeated them in the English
…
22 21 Africa 500 30 14 Canada 300 9 6 Russia 200 52 1 Gulf countries 800 57 0 Total 7,600 8 190 Source: gabriel-zucman.eu/files/Zucman2015MissingWealth.xlsx. Zucman’s estimate of the assets held in tax havens is much lower than those of the Tax Justice Network and
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billion and $240 billion. This figure is in addition to the costs resulting from assets located in tax havens noted previously, from the likes of Gabriel Zucman and the Tax Justice Network. We can safely conclude that it is likely that, on top of a loss of at least $200 billion because
…
, Hidden Wealth of Nations, p. 53. 15.Included in the data for Table 1 in the appendix to Chapter 2 of Zucman, ‘Missing Wealth’, at gabriel-zucman.eu. 16.R. Murphy, ‘The Tax Gap: Tax Evasion in 2014 – and What Can Be Done About It’, Public and Commercial Services Union, n.d
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