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.
A 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.
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