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Super-rich stash $21 Trillion in offshore tax havens

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RT.com:

Wealthy tax evaders, aided by private banks have exploited loopholes in tax legislation and stashed over $21 tn in offshore funds, says a report. The capital drained from some developing countries since 1970 would be enough to pay off national debts.

The findings show the gap between the haves and the have-nots is much larger than previously thought.
The document, entitled The Price of Offshore Revisited, was commissioned by The Tax Justice Network campaign group and leaked to the Guardian. The report provides the most detailed valuation of the offshore economy to date.

"The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," wrote James Henry, expert on tax havens and former chief economist at consultancy McKinsey in his report.

Read rest of story here: http://www.rt.com/news/overshore-economy-trillions-report-789/

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so what's the story here? the

so what's the story here? the more people that take their money out of this country, the better. abolish the tax code and all that money comes flowing back in. until then, what the fuck incentive should anyone have to bend over and take it in the ass from the IRS? HIDE THE MONEY

Russia Today?

why should we listen to them again? Why should we care what Putin's propaganda piece says?

Good for them that find a way for the government not to take their property.

https://twitter.com/#!/Agonzo1

It's American run.

Besides, Russia isn't exactly cooperating with Western Powers on their warmongering at the moment.

Yes, let's not focus on the factual information presented on a global financial crisis that is clearly a reality all over the world, but instead, let's show our puppet masters how well trained we are and start to point fingers at the messenger.

Really?

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin

bump

..

It's a shame that the US

It's a shame that the US government has created conditions where Americans have to hide their money. This is not the rich people's fault it's the greedy US government.

fireant's picture

Totally agree.

But it's also our fault for not having knowledge of our goverment. Many of the problems arise from not understanding equal protection of the law (it's the law which is being protected). All jurisdictions make law then immediatly make exceptions to the same law. If a law is worthy of enacting, it should pass the equal protection test. No exceptions.
As for blaming the rich, that's precisely what the tyranists among us would want us to do. It's their red carpet.

Undo what Wilson did

Ha!

It's not the rich's fault? Oh, boo hoo - call the wahmbulance!
The reality is that yes, it IS their fault, through laws they have helped to legislate - through ALEC and Citizens United, to name just a couple of ways. Look it up.

"I'm as mad as hell, and I'm not going to take this any more!"
- Howard Beale

You're right, it's not the rich's fault...

...that a corrupt system exists. But they still exploited the corrupted system for their own greed.

The system as a whole needs to be fixed or dismantled. However, it's becoming more evident that it's on a path to self destruct anyway. I wonder how well they'll deal with the crash of the dollar?

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin

its not their fault ???

WHO please provided the money to bribe/lobby our government?

Poor folks?? you nuts?

Jackson County Georgia

War is an instrument entirely inefficient toward redressing wrong; and multiplies, instead of indemnifying losses.
Thomas Jefferson

"WHO please provided the money to bribe/lobby our government?"

a handful of billionaires out of many others who did not participate?

and who is "they?" ANYBODY making a couple million a year, the so called "1%?" YOU nuts?

I didn't disagree

You may have misunderstood my comment. It IS THEIR FAULT for taking advantage of a corrupt system that many of "them" helped legislate into positions of exploitation.

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin

fireant's picture

So, who took the bribe?

The very people over whom we have electoral control. Too bad we haven't been exercising it. Get a real government in there, and we'll be able to legally prosecute the ones providing the bribes. The only alternative is anarchy, the mother's milk of tyranny.

Undo what Wilson did

Good luck...

...getting a real government. No such thing. The only good govt. is self government.

________________________________________

Those who expect to reap the blessings of freedom, must, like men, undergo the fatigue of supporting it. ~Thomas Paine

This.

.

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin

The rich? They're probably

The rich? They're probably already into commodities and other currencies and will probably just leave. The crash of the dollar will hurt people without any money not the rich.

Other "big" currencies are failing too.

The whole system, globally, is failing as it's corrupt foundation gives out. There are no safe havens anywhere and no "safe" investments.

All the more reason to read up on bartering and resource based economies. Forget money.

"We are not human beings having a spiritual experience; we are spiritual beings having a human experience"—Pierre Teilhard de Chardin