Financial Planning Journal Quotes Scott Michel on U.S. Becoming the World's Favorite New Tax Haven
Financial Planning Journal spoke with Scott D. Michel on the implications of the world's wealthy using the United States as a tax haven to avoid paying taxes in their home countries. For the full article, please visit Financial Planning Journal's website (subscription required).
Excerpt taken from the article.
Offering secrecy to clients is not against the law, but U.S. firms are not permitted to knowingly help overseas customers evade foreign taxes, said Scott Michel, a criminal tax defense attorney at Washington, D.C.-based Caplin & Drysdale who has represented Swiss banks and foreign account holders.
"To the extent non-U.S. persons are encouraged to come to the U.S. for what may be our own ‘tax haven' characteristics, the U.S. government would likely take a dim view of any marketing suggesting that evading home country tax is a legal objective," he said.