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The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system...
..."This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and – most importantly – to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.
Seems that as soon as the rich get the money, they send it overseas.
m.guardian.co.uk
The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system...
..."This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and most importantly to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.
There is no such thing as "trickle down economics"... it' a pejorative created by the libs back in the eighties to denigrate Reagan.
Nice try though.
“ "It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory."
—David Stockman, Ronald Reagan's budget director
Spending is the reason we are in trouble.
Until the Clowns in DC figure that out we will continue to be in trouble.
Don't hold your breath.
Spending is the reason we are in trouble.
Until the Clowns in DC figure that out we will continue to be in trouble.
Don't hold your breath.
Spending is a good part of the reason for the deficit, that is true.
But apparently another part of the equation is tax evasion, on a very large scale.
You could start with the Obama administration and your Congresscritters on tax evaders
let us know how that works out
ok then, lets try trickle up....we'll start with all those that don't pay Federal income taxes..I bet we all get rich quick
Spending is the reason we are in trouble.
Until the Clowns in DC figure that out we will continue to be in trouble.
Don't hold your breath.
Spending is a good part of the reason for the deficit, that is true.
But apparently another part of the equation is tax evasion, on a very large scale.
"If we could figure out how to tax all this offshore wealth without killing the proverbial golden goose, or at least entice its owners to reinvest it back home, this sector of the global underground is easily large enough to make a significant contribution to tax justice, investment and paying the costs of global problems like climate change," Henry says.
Seems that as soon as the rich get the money, they send it overseas.
Wealth doesn't trickle down
The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system...
..."This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and most importantly to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.
Seems that as soon as the rich get the money, they send it overseas.
Wealth doesn't trickle down
The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system...
..."This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and most importantly to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.
Even the least intellecually honest among us will agree that this has nothing to do with either proposition noted in the subject line.Seems that as soon as the rich get the money, they send it overseas.
The only way tax breaks can be "theft" is if the money you would have paid in taxes belongs to the government, and that you took that money from it illegally.Tax breaks are not theft.
Tax breaks are not theft. That is the most absurd thing ever. Keeping your own money, assuming you made it through legit realms, and calling it siphoning is hilarious.
but really, you might want to tie that up, your envy is showing there.
Tax breaks are not theft. That is the most absurd thing ever. Keeping your own money, assuming you made it through legit realms, and calling it siphoning is hilarious.
but really, you might want to tie that up, your envy is showing there.
