Davos 2023: Is Global Tax Reform Stalling?

Taxes

Taxation provides the foundation of any well-functioning society. However, globalization has pressured tax systems and moved the tax burden from the rich to the poor. Some 40% of the profits earned by multinational corporations are shifted to tax havens every year, at a cost of about $200 billion to public coffers. One quarter of the taxes owed by the wealthiest 0.01% of people are never paid, as assets are stashed offshore. In order to deliver on the UN’s Sustainable Development Goals, more sufficient and stable tax revenue will be necessary. Taxing carbon emissions could help curb global warming, and tax hikes may actually bolster inclusive growth. To that end, it may be helpf...