Wealthy hiding $21 trillion in tax havens
Offline The global "super-rich elite" are hiding more than $21 trillion US in tax havens, the amount equal to the combined GDP of the United States and Japan, according to a new report.
Commissioned by the Tax Justice Network, an independent British organization, the report is said to be the most comprehensive ever done concerning what it calls the “offshore economy.”
Researched and written by James Henry, an expert on tax havens, the report states the hidden money could be as large as $32 trillion, and represents a massive black hole in the world's economy.
The report says:
-UBS, Credit Suisse and Goldman Sachs are the three private banks handling the most assets offshore
-92,000 people, or 0.001 per cent of the world’s population, hold $21 trillion in hidden assets
http://www.cbc.ca/news/world/story/2012/07/22/tax-havens.html
Enlightened Atheist, Gaming God.
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And Miff Romney is hiding his millions in overseas tax havens!
Even independent observers and many in the GOP have said there is no good reason why Romney won't release the 10 years of returns that ALL presidential candidates have going back to his DAD who started it!
He either is hiding money in overseas tax shelters or doing something shady or BOTH!
Click here to find out why Christianity is the biggest fairy tale ever created!! www.nobeliefs.com/exist.htm www.JesusNEVERexisted.com
How are the assets "hidden"? It has been well known that people in the developed world routinely invest in business ventures overseas. Is that money doing nothing? Have you ever eaten at a McDonalds Vastet? Guess what, the money that built that McDonalds is in a "tax haven". As near as I can tell the report includes 100% of money that is invested outside of its owners home country. Are you suggesting we stop all international trade and all money be kept in country?
Their measure of assets includes all invested money which would presumably include things such as foreign savings bonds, foreign stock ownership and the building of factories and such overseas (it is talking assets not annual income). I suspect that the $21 trillion figure is quite low as the US alone has $141 trillion in financial assets alone. I don't know how many countries they are drawing from to come up with the $21 trillion, their report looks like it was written by a 5th grader. What I could gather is it does include money invested from the US to such "tax havens" as France, Germany and the UK which was brushed over in one page. It makes a big deal about the income being "unreported" in the home country... of course it is, you are under no obligation to report assets until you repatriate them. That does not mean they are untaxed, you still have legal obligations to report the assets and earnings in whatever country the money is in.
The actual report is available at http://www.taxjustice.net/cms/front_content.php?idcat=148
If, if a white man puts his arm around me voluntarily, that's brotherhood. But if you - if you hold a gun on him and make him embrace me and pretend to be friendly or brotherly toward me, then that's not brotherhood, that's hypocrisy.- Malcolm X
The very fact that Romney is not releasing them shows he's covering something up! If he's got nothing to hide why not release them??
Even many conservatives like Bill Kristol and George Will said Romney should release more returns!
Click here to find out why Christianity is the biggest fairy tale ever created!! www.nobeliefs.com/exist.htm www.JesusNEVERexisted.com
lol
You are such a political hack. I hope you at least have the sense to be getting paid by the Obama campaign. If you are not, you should apply for a job, you're a natural exhibiting blind loyalty and boldly pushing irrelevant talking points at every opportunity. http://www.barackobama.com/employment
If, if a white man puts his arm around me voluntarily, that's brotherhood. But if you - if you hold a gun on him and make him embrace me and pretend to be friendly or brotherly toward me, then that's not brotherhood, that's hypocrisy.- Malcolm X
Didn't you read what I stated?? Many Republicans are calling for Romney to release more returns! That has nothing to do with Obama!
Every presidential candidate has released around 10 years of returns for the last 50 years of campaigning!
Click here to find out why Christianity is the biggest fairy tale ever created!! www.nobeliefs.com/exist.htm www.JesusNEVERexisted.com
lol
You are such a political hack. I hope you at least have the sense to be getting paid by the Obama campaign. If you are not, you should apply for a job, you're a natural exhibiting blind loyalty and boldly pushing irrelevant talking points at every opportunity. http://www.barackobama.com/employment
Didn't you read what I stated?? Many Republicans are calling for Romney to release more returns! That has nothing to do with Obama!
Every presidential candidate has released around 10 years of returns for the last 50 years of campaigning!
I know, I used to play the political game too. You have your talking points and you repeat them ad nauseam even when they are not germane to the topic at hand. Foreign investment income is not reported on tax returns until you repatriate your money, the article the OP links to speaks specifically to money that has not been repatriated. If you want to know how much of Romney's money is invested overseas you need to view his public financial disclosure http://www.washingtonpost.com/wp-srv/nation/romney-disclosure/index.html knock yourself out.
If, if a white man puts his arm around me voluntarily, that's brotherhood. But if you - if you hold a gun on him and make him embrace me and pretend to be friendly or brotherly toward me, then that's not brotherhood, that's hypocrisy.- Malcolm X