The top federal income tax rate in the United States is 39.6%, with a threshold of about $415,000 in income for a single filer. In much of Europe, the top rate is a few points higher—but it kicks in at much lower income levels. As for investment income, the capital gains rate in the U.S. is 20%, and 15% on the type of investment known as “carried interest.” In a few investor-friendly European countries—Switzerland, Luxembourg, the Netherlands—the capital gains rate is 0. But in most of Europe it ranges from 15% to 42%. And few countries have as many generous tax deductions as the United States. http://finance.yahoo.com/news/panama-papers-why-no-americans-193702690.html Seen through one lens, this whole scandal basically boils down to "World shocked to learn that rich people pay American tax rates."It turns out that rich Americans have less need for tax havens than their comrades elsewhere. “People in other countries pay a lot more in taxes than we do,” says international tax expert Lee Sheppard, contributing editor at Tax Analysts. “In other countries, nearly every rich person has a tax haven bank account. Proportionately, the United States doesn't have as large a problem.”