Super Rich Holding $21 Trillion Overseas To Avoid Taxation

At a time when the gap between the ultra-rich and the rest of us is reaching historic heights across the globe, at least $21 trillion(with a “t”) in unreported private financial wealth was recently discovered sitting in secret tax havens.

While it can be difficult to imagine sums so large, consider this: the $21 trillion alone is the amount of the U.S. and Japanese economies combined. That reflects only financial wealth, and not the holdings and investments of this monied elite in mansions, yachts, private jets, etc. According to a recent reports by the Tax Justice Network, “The Price of Offshore Revisited” and “Inequality: You Don’t Know The Half of It,” this staggering disparity is only growing worse.

The report states at the end of 2010, the wealthiest fifty private banks held over $12.1 trillion, up $5.4 trillion from 2005. Three private banks handle the lion’s share of offshore assets — UBS, Credit Suisse, and Goldman Sachs. If these offshore holdings earned a very modest 3% return rate, and the income were to be taxed at 30%, this would generate tax revenues between $190 – $280 billion.

The study is one of the first attempting to measure the hidden wealth. It could be as high as $32 trillion — a staggering sum.

Read the whole story at The Center For Media and Democracy

Advertisements

About James Crist

How do we stop America's decline? The country is in trouble and we can all feel it. Where did we go wrong? How do we fix it? We now have an auction-based government, for sale to the highest bidder. Politicians have become nothing more than corporate whores and pawns for the rich. If we want our representatives to represent us, let them get their campaign money from us, their constituents. We have to amend the constitution to get the big money out of politics.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s