Wednesday, August 1, 2012

$21 Trillion Hiding In Tax Shelters

6 Things You Should Know About the $21 Trillion the World's Richest People Are Hiding In Tax Shelters | Alternet
While governments slash spending and lay off workers, citing a need for “austerity” because of the slow economy, the ultra-rich—fewer than 10 million people—have stashed an amount equal to the US and Japanese economies combined away from the tax man. This is according to a new report by the Tax Justice Network , and their findings are shocking. The lost tax revenue from offshore tax shelters, they note, “is large enough to make a significant difference to all of our conventional measures of inequality. Since most of the missing financial wealth belongs to a tiny elite, the impact is staggering.” 

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