US Tax Law Has Unintended Global Consequences

Evolutions in technology, along with little or no information exchanges between countries, have made it extraordinarily easy for funds to move swiftly and secretively from one nation to another. In the past, not much incentive existed to staunch the flow. But as they look to fill bare revenue coffers, governments are beginning to corral tax evaders. And the public has become increasingly intolerant of tax havens for the wealthy, as whistleblowers’ revelations have underscored the breadth of the problem. In contrast to some nations’ efforts to pursue tax dodgers, however, the United States has gone a step further by...