Ⓐnarcho Queer • $21 trillion in taxes hidden off shore by global elite

$21 trillion in taxes hidden off shore by global elite

pieceinthepuzzlehumanity:

A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.

James Henry, former chief economist at consultancy McKinsey and an expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.

He shows that at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, “protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy”. According to Henry’s research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.

The detailed analysis in the report, compiled using data from a range of sources, including the Bank of International Settlements and the International Monetary Fund, suggests that for many developing countries the cumulative value of the capital that has flowed out of their economies since the 1970s would be more than enough to pay off their debts to the rest of the world.

[Read More]

How is this not being reported by the MSM?

(via america-wakiewakie)

90 Notes/ Hide

  1. zion-eye reblogged this from anarcho-queer
  2. the-starving-artless reblogged this from truth-has-a-liberal-bias
  3. can-enginerd reblogged this from anarcho-queer
  4. radiantdirtt reblogged this from anarcho-queer
  5. evolving-eleutheria reblogged this from anarcho-queer
  6. fathappyandcaffeinated reblogged this from anarcho-queer and added:
    Because the people hiding the money own the MSM.
  7. jeff-van-gundy reblogged this from claudevorilhon and added:
    If these rich, powerful schmucks spent half as much time trying to solve world problems as they do trying to find...
  8. claudevorilhon reblogged this from anarcho-queer
  9. empathy-vs-apathy-nyc reblogged this from anarcho-queer
  10. waywardking reblogged this from anarcho-queer and added:
    What could be done with 21 trillion dollars? Just the other day, I was thinking about how much could be accomplished by...
  11. superbrownman reblogged this from thesolowhosdolo
  12. whenimreallyathundacat reblogged this from anarcho-queer
  13. thesolowhosdolo reblogged this from anarcho-queer
  14. redundancy-machine reblogged this from downwithwarsupwithwhores
  15. downwithwarsupwithwhores reblogged this from anarcho-queer
  16. gracefree reblogged this from anarcho-queer
  17. smokingmydekushrubs reblogged this from anarcho-queer
  18. anarcho-queer reblogged this from america-wakiewakie and added:
    How is this not being reported by the MSM?
  19. thedudelebowski reblogged this from santhonythomas and added:
    For fuck sakes…
  20. leftistnaija reblogged this from truth-has-a-liberal-bias
  21. santhonythomas reblogged this from truth-has-a-liberal-bias
  22. trotskitty reblogged this from truth-has-a-liberal-bias
  23. enterharry reblogged this from truth-has-a-liberal-bias
  24. truth-has-a-liberal-bias reblogged this from sarahlee310
  25. lhpg reblogged this from sarahlee310