The Tax Havens of the Super-Rich: Marching Toward Greater Inequality
Something Democrats, in particular, should remember when forming the party platform:
Marching Toward Greater Inequality
The Tax Havens of the Super-Rich
by SAM PIZZIGATI
CounterPunch
July 30, 2012
EXCERPT...
Maybe the rich are simply living large, wasting their astronomical incomes on caviar, private jets, and other luxuries. But wasteful consumption can’t explain the inequality paradox either. Deep pockets in America’s top 0.01 percent could shell out $5,000 every single day of the year and still have 93 percent of their annual incomes left to spend.
So what in the end can explain the inequality paradox? The London-based Tax Justice Network has an answer. The world’s super rich, the group has just reported, are squirreling away — and concealing — phenomenal quantities of their cash in secret global tax havens.
The Network’s new tax-dodging study “conservatively” computes the total wealth stashed in these havens at $21 trillion. That total could plausibly run as high as $32 trillion.
Americans make up, we know from previous research, almost a third of the global super rich. That would put the American share of unrecorded offshore assets as high as $10 trillion.
CONTINUED w LINKS...
http://www.counterpunch.org/2012/07/30/the-tax-havens-of-the-super-rich/
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Rather than the relative crumb off their table they would pay in income taxes, many, if not most, of the nation's elite elect to shield their wealth offshore.
An important resource for those interested in tracking the tax cheats -- the traitors I call the BFEE:
The Komisar Scoop.
Click and learn. It's so easy a caveman can do it.
PS: For the day when Offshoring Loot is Illegal kick.
