Jacobin Radio
Behind the News: Offshore Capital w/ Brooke Harrington
Dec 3, 2024
Brooke Harrington, a sociology professor at Dartmouth and author of "Offshore: Stealth Wealth and the New Colonialism," exposes how the wealthy cleverly evade taxes through offshore wealth management. She discusses the unexpected rise of U.S. states as new financial havens and the ethical implications of hidden wealth. Mahendran Thiruvarangan, a lecturer at the University of Jaffna specializing in Sri Lankan politics, analyzes the recent political changes in Sri Lanka, including the emergence of a new leftish government and the country's economic struggles.
52:59
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Quick takeaways
- Wealthy individuals utilize offshore financial systems, facilitating tax avoidance and maintaining privacy through specialized wealth management services.
- Former British colonies and certain U.S. states emerge as key offshore havens, exploiting historical tax advantages and relaxed regulations for asset concealment.
Deep dives
Offshore Wealth Management
Hiding wealth offshore requires substantial assets, typically beginning at around five million dollars, as most wealth managers cater to high-net-worth individuals. These professionals provide specialized services, allowing wealthy clients to navigate intricate tax codes and maintain discretion. The process often begins with clients seeking recommendations through their affluent networks, emphasizing the importance of privacy due to the risks associated with significant wealth. Wealth managers not only facilitate tax avoidance but also address complex personal issues, such as maintaining secrecy about multiple family relationships.
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