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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 and Slemrod, Joel (2018) Taxing hidden wealth: the consequences of U.S. enforcement initiatives on evasive foreign accounts. NBER Working Paper Series (24366). The National Bureau of Economic Research, Cambridge MA.

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Identification Number: 10.3386/w24366

Abstract

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.

Item Type: Monograph (Working Paper)
Official URL: http://www.nber.org/
Additional Information: © 2018 by Niels Johannesen, Patrick Langetieg, Daniel Reck, Max Risch, and Joel Slemrod
Divisions: Economics
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
JEL classification: H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H24 - Personal Income and Other Nonbusiness Taxes and Subsidies
H - Public Economics > H2 - Taxation, Subsidies, and Revenue > H26 - Tax Evasion
Sets: Departments > Economics
Date Deposited: 25 May 2018 11:05
Last Modified: 30 Jan 2019 12:40
URI: http://eprints.lse.ac.uk/id/eprint/88066

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