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.”