"You see, it is lower here, and higher over here."
Gabriel Zucman, comrade and collaborator to Wall Street’s favorite economist, Thomas Piketty, has done a little math. He added up all of the liabilities in the world, and subtracted from them all of the assets, and guess what? The answer isn’t zero. In fact, it was $6 billion in 2013, up from $5 billion just a year earlier. Now, where could all that money be? Gabe thinks he has an idea.
The economist Gabriel Zucman, a protégé and co-author of the French economist Thomas Piketty, has published a new book that attempts to document money hiding out in tax havens. Mr. Zucman’s book, “The Hidden Wealth of Nations,” documents just how dramatic the recent rise has been….The challenges posed by tax havens are not simply limited to wealthy Americans trying to hide from the Internal Revenue Service. Mr. Zucman finds, for example, that the international profits of U.S. corporations are increasingly showing up in tax havens.
Is Wealth Inequality Hidden in Tax Havens? Piketty’s Co-Author Thinks So [WSJ Real Time Economics blog]