|08-21-2012, 12:11 PM||#1|
Join Date: Jan 2003
Location: Twixt Hell & Highwater
The Real Boondoggle
The world's super-rich have taken advantage of lax tax rules to siphon off at least $21 trillion, and possibly as much as $32tn, from their home countries and hide it abroad – a sum larger than the entire American economy.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, has conducted groundbreaking new research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts to construct an alarming picture that shows capital flooding out of countries across the world and disappearing into the cracks in the financial system.
Comedian Jimmy Carr became the public face of tax-dodging in the UK earlier this year when it emerged that he had made use of a Cayman Islands-based trust to slash his income tax bill.
But the kind of scheme Carr took part in is the tip of the iceberg, according to Henry's report, entitled The Price of Offshore Revisited. Despite the professed determination of the G20 group of leading economies to tackle tax secrecy, investors in scores of countries – including the US and the UK – are still able to hide some or all of their assets from the taxman.
"This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and – most importantly – to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.http://www.guardian.co.uk/business/2...omy-tax-havens
Lesson? Wealth doesn't trickle down. It goes offshore.
More trickle down from Romney/Ryan will only make it worse.
Lowering taxes, buying more military, and cutting social programs will do nothing about this giant boondoggle. It will only make it worse.
Mitt will get richer. You won't.
Last edited by Rohirrim; 08-21-2012 at 12:13 PM..
|08-21-2012, 06:48 PM||#2|
Mo' holla fo' yo' dolla!
Join Date: Dec 2002
Location: In a bunker in an undisclosed location
Say all the right things to the GOP base about guns, gays, god, abortion, etc., and they'll look the other way for this epic swindle every time.
The real coup de gras by the right-wing propagandists was convincing these sheep that concentrating all the nation's wealth in the hands of trust fund republicans was good for the economy.