BBC is reporting that the super rich in America and other countries now have $21 trillion hidden in tax havens, enough to wipe out all of America’s debts.
“The Price of Offshore Revisited was written by James Henry, a former chief economist at the consultancy McKinsey, for the Tax Justice Network,” BBC reports. “Tax expert and UK government adviser John Whiting said he was skeptical that the amount hidden was so large. Mr Whiting, director of the Office of Tax Simplification, said: “There clearly are some significant amounts hidden away, but if it really is that size what is being done with it all?”
“Mr Henry said his $21tn is actually a conservative figure and the true scale could be $32tn…Mr Henry used data from the Bank of International Settlements, International Monetary Fund, World Bank, and national governments.”
Our tax code is in serious need of major overhaul. We should that the rich should pay a larger share and this is what happens. Better to get a lower percentage of all the income instead of 0% of the hidden treasure.