Wealth doesn’t trickle down – it just floods offshore

Super rich hold $32 trillion in offshore havens
(Reuters) – Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study … The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, and commissioned by the Tax Justice Network. He said $21tn is a conservative figure and the true scale could be $32tn.
http://www.bbc.co.uk/news/business-18944097
 
Corporations & Elite Hide Wealth in Tax Havens Part #1
A look at the various tax-free islands and countries where the rich and elite bank their money, business profits and laundered cash. Many of these tax havens still pledge their allegiance to the Queen of England.
 

 
Corporations & Elite Hide Wealth in Tax Havens Part #2
Tax evasion by the rich and elite. In 2008, Barack Obama pledged to stop tax loop-holes and admitted that the vast majority of big businesses and firms secretly hid their profits in one location. Even banks can hide toxic debt in a tax haven, and physical assets such as gold can also be hidden.
 

 
It’s Time to Tackle Tax Havens
 

 
www.tackletaxhavens.com   is a global campaign designed to raise public awareness of tax havens: what they are, the damage they do and how we can tackle them together.

Taxes are the most efficient and sustainable means of supporting vital public services like education, healthcare, a legal framework, police force, public transport networks, welfare and much, much more.

But the wealthy can escape their responsibilities to the societies on which they and their wealth depend – by hiding their money in tax havens.
 
Related topic:

The mathematical law that shows why wealth flows to the 1%
No one who is interested in an equitable society can fail to be irked by unfairness in wealth distribution – but it is not unexpected

THE MATHEMATICS OF INEQUALITY
 
 
 

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About benvitalis

math grad - Interest: Number theory
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