New Video Highlights Benefits Of Tax Havens For Global Economy

by Mike Godfrey, Tax-News.com, Washington

12 September 2008

The Center for Freedom and Prosperity Foundation released on Wednesday a mini-documentary discussing the global economic benefits generated by low-tax jurisdictions.

The CF&P Foundation's new video, entitled 'The Economic Case for Tax Havens,' makes a compelling and succinct case showing that these market-friendly regimes have led to better tax policy, faster economic growth, greater government accountability and higher living standards around the world.

Narrated by Dan Mitchell of the Cato Institute, the video cites empirical and historical evidence to illustrate the many positive contributions of tax havens.

Andrew Quinlan, the president of the CF&P Foundation, remarked:

"The video shows how we all benefit from tax havens. The evidence for the positive impact of low-tax jurisdictions is overwhelming and we're excited to release this compelling video."

The mini-documentary explains what defines a tax haven and why they generate prosperity. From tiny islands in the Caribbean to Manhattan and London, havens provide tax-efficient platforms for productive economic behavior.

Dan Mitchell also explains the contribution tax havens make to poverty reduction and sound institutions.

The CF&P Foundation's executive summary observes: "Statist politicians and international bureaucracies such as the OECD and UN routinely attack tax havens, claiming that they lead to 'harmful tax competition.'"

It adds that: "Yet at no point do critics bother to provide any evidence for this claim. This mini-documentary from the Center for Freedom and Prosperity looks at the empirical data and scholarly research and reports that tax havens actually have a very positive impact on the global economy."

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