Typically well-reasoned and published since 1843, many believe that the Economist is the finest English-print magazine in the world. The magazine tackles complex global issues with a balance and perspective that only a 170+ year history can provide.
That is why, in the context of the media fury surrounding the “Panama Papers,” the Economist’s suggestion to publish individual global tax returns (April 9th edition) deserved to be publically questioned. To the credit of the publication, Alliance’s letter to the Editor is published in the April 30th print edition.
In the letter, the President of Alliance Trust argues that no benefit will come from such a disclosure plan or the OCED’s related “Common Reporting Standards.” The impact of sharing detailed personal financial information with rogue governments around the world will not increase U.S. tax revenues by a cent. In fact, the only meaningful outcome of the proposals is to violate basic personal privacy significantly increases the physical and financial risk to law-abiding citizens and their families around the world.