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Fascism and Big Business by Daniel Guerin

Monday, August 6, 2012

Super Rich Holding $21 Trillion Overseas to Avoid Taxation

From Mike Gimbell:
Sorry about having to send you a 2nd email, right after sending the previous one, but I just received this email. It paints another vivid picture of the parasites who are wallowing in money stolen from all of us, while we, who produce everything, are asked to make sacrifices on top of sacrifices.
This short articles is well worth reading!
--Mike Gimbel
Super Rich Holding $21 Trillion Overseas to Avoid Taxation

Sunday, 05 August 2012 09:39

By Alex Oberley, PRWatch | Report

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.
At a time when governments around the world are starved for
resources, and we are more conscious than ever of the costs of economic
inequality, "This new report focuses our attention on a huge 'black
hole' in the world economy that has never before been measured --
private offshore wealth, and the vast amounts of untaxed income that it
produces," says the author James Henry, who is the former chief
economist of the global management firm, McKinsey & Company.

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