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New report: Tax avoidance by super rich reaches new heights

A lot of — maybe most — people have sort of a vague notion that the super wealthy are able squirrel away a lot of their wealth and income overseas so as to avoid paying their fair share of taxes. But, as this article reports, the size and scope of the practice has truly reached an astounding level.

“A new report by the Tax Justice Network released Sunday reveals that between $21 trillion and $31 trillion is currently tucked away in global tax havens by the global super-rich–an amount that far exceeds previous estimates. Through exploiting gaps in global tax rules, the global financial elite are managing to hide ‘as much as the American and Japanese GDPs put together’ from taxation, leaving the world’s poor to carry the burden of global debt through harsh austerity measures.”

4 Comments

  1. Bill

    July 23, 2012 at 3:10 pm

    Occupy Wall Street indeed – A safe place to hid their profits until they want it to buy elections via Citizens v. United. What a country!

  2. Frances Jenkins

    July 23, 2012 at 9:03 pm

    So do you send an extra check to the government every month just to be sure you are sharing your wealth?

  3. david esmay

    July 24, 2012 at 9:29 am

    Do you Frances? This is about tax avoidance, why don’t you read this article? By hiding and failing to pay required taxes, the wealthy and corporations shift responsibility to the middle and lower classes. Maybe you should heed the words of Edward Filene, who owned Filene’s department stores and founded the Chamber of Commerce, “Why shouldn’t the American people take half my money from me? I took all of it from them.” When he realized the Chamber of Commerce was becoming a right wing lobbying group, he quit the organization in disgust. Greed is not a moral attribute.

  4. Jack

    July 24, 2012 at 9:42 am

    Probably not Frances but Bill is just following the lead of good-old-boy Mitt who not only doesn’t send a check each month to the government Mitt doesn’t even paying taxes to the country that makes it possible for him to be rich. But then again Mitt most likely believes that he has done it all himself without the support of others or the government.

    Mitt isn’t breaking any U.S. law. It is legal for him to have off-shore accounts to hide money and avoid taxation. In today’s world Mitt is the quintessential American of his class and now he wants to become the quintessential president for his class.