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Super Rich Have Hidden at Least $21 Trillion in Offshore Accounts

Super Rich Have Hidden at Least $21 Trillion in Offshore Accounts

Instead of investing in the economy and creating jobs, the global elite super rich (the .001%) stashed their assets in offshore tax havens. Mitt Romney has offshore accounts in Australia, Bermuda, the Cayman Islands, Germany, Ireland, Luxembourg and Switzerland.

new report from the Tax Justice Network estimates the amount of wealth sitting in offshore accounts is at least $21 trillion and as much as $32 trillion.

This amount is equal to the combined gross domestic products (GDPs) of Japan and the United States.

Some highlights of the report, “The Price of Offshore Revisited” include:

  • The number of the global super rich who have amassed a $21 trillion offshore fortune is fewer than 10 million people. Of these, less than 100,000 people worldwide own $9.8 trillion of wealth held offshore.
  • If this unreported $21 to $32 trillion, conservatively estimated, earned a modest rate of return of just 3 percent, and that income was taxed at just 30 percent,  this would have generated income tax revenues of between $190 billion and $280 billion­—roughly twice the amount of countries that are members of the Organization for Economic Co-Operation and Development (OECD) spend on all overseas development assistance around the world. Inheritance, capital gains and other taxes would boost this figure considerably.

Read the entire report here.

Visit our Meet Mr. 1% website to share infographics on Mitt Romney and his offshore tax havens.

Visit our Mr. 1% Pinterest board here

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