It’s time to shut down tax havens



February 14, 2019 - 10:46 AM

For many Americans, February is tax time — or at least the time they are reminded of their need to pay taxes, now that the forms are all in. That means millions of people are starting to sift through piles of paper hoping they won’t owe more than they can afford.

Meanwhile, for a certain segment of the population, this concern is greatly lessened by the strategic use of tax havens.

“Freeports” — special locations where the world’s richest can hoard their valuables tax free — are increasingly common. These include a high-security warehouse in Switzerland’s capital city of Geneva that brims with the treasure of the global elite: gold, jewelry, diamonds, the finest French wines, priceless historical artifacts, and irreplaceable renaissance paintings (many stolen).

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