Taxing Hidden Wealth: The Consequences of U.S. Enforcement Initiatives on Evasive Foreign Accounts
Publikation: Working paper › Forskning
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Taxing Hidden Wealth : The Consequences of U.S. Enforcement Initiatives on Evasive Foreign Accounts. / Johannesen, Niels; Langetieg, Patrick ; Reck, Daniel; Risch, Max ; Slemrod, Joel .
National Bureau of Economic Research, 2018.Publikation: Working paper › Forskning
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TY - UNPB
T1 - Taxing Hidden Wealth
T2 - The Consequences of U.S. Enforcement Initiatives on Evasive Foreign Accounts
AU - Johannesen, Niels
AU - Langetieg, Patrick
AU - Reck, Daniel
AU - Risch, Max
AU - Slemrod, Joel
PY - 2018/3
Y1 - 2018/3
N2 - 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.
AB - 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.
U2 - 10.3386/w24366
DO - 10.3386/w24366
M3 - Working paper
VL - NBER Working Paper No. 24366
BT - Taxing Hidden Wealth
PB - National Bureau of Economic Research
ER -
ID: 231707859