Trillions Stashed in Tax Havens
Stolen wealth hidden tax free.
by Stephen Lendman
A new Tax Justice Network (TJN) USA report reveals an estimated $21 - $32 trillion of hidden and stolen wealth stashed largely tax-free secretly.
Titled "The Price of Offshore Revisited," it explains what financial insiders know but won't discuss. Many of them have their own hidden wealth.
TJN describes a "subterranean" systemic "economic equivalent of an astrophysical black hole." The higher estimate above exceeds US GDP twofold.
It's mind-boggling. It's hard imagining a tiny percent of privileged elites control this much wealth secretly. It's worse knowing it's largely tax free. It's appalling that governments let them get away with it.
Wall Street and other major banks manage it. Their business is fraud and grand theft. Private banking operations yield huge profits. Keeping funds secreted tax free attracts rich clients. Private capital globally is attracted. It's welcome from anyone, "no questions asked."
Government policies protect them. Societal costs are huge. Tax justice is absent. Hotel magnate Leona Helmsley once said only little people pay taxes. TJN's report bears her out.
A vast "global offshore industry" is explained. It's largely tax-free. It's controlled by the world's richest, most powerful elites. Estimating amounts secreted takes tedious data mining.
Previous estimates relied more on rough judgments. TJN used several methods. They include available data sources, estimation methods, and core assumptions. They're open to peer review and public scrutiny.
Four key approaches were used:
(1) A "sources-and-uses" country-by-country model.
(2) An "accumulated offshore wealth" model.