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Reply #48: US Treasury Missing $ Trillions. Super-Rich Hide Trillions Offshore. Co-Incidence? [View All]

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-06-08 10:12 PM
Response to Reply #27
48. US Treasury Missing $ Trillions. Super-Rich Hide Trillions Offshore. Co-Incidence?
http://www.whereisthemoney.org /

Wonder where all that money got off to?



Super-rich hide trillions offshore

Study reveals assets 10 times larger than UK GDP
Exchequers deprived of hundreds of billions in tax


Nick Mathiason
Sunday March 27, 2005
The Observer

The world's richest individuals have placed $11.5 trillion of assets in offshore havens, mainly as a tax avoidance measure. The shock new figure - 10 times Britain's GDP - is contained in the most authoritative study of the wealth held in offshore accounts ever conducted.

The study, by Tax Justice Network, a group of accountants and economists concerned at the escalating wealth held in offshore locations, shows that the world's high-net-worth individuals earn $860 billion each year from their assets.

But there is growing alarm among regulators and campaigners because exchequers worldwide are missing out on at least $255bn of tax each year. Governments appear unable, or unwilling, to prevent the rich employing aggressive strategies to minimise their tax liabilities.
The OECD this weekend confirmed that international tax avoidance is a growing problem that troubles governments not just of rich countries, but middle-income ones as well.

'This is one of the defining crises of our times,' said John Christensen, co-ordinator of the Tax Justice Network and a former economic adviser to the Jersey government. 'One of the most fundamental changes in our society in recent years is how money and the rich have become more mobile. This has resul ted in the wealthy becoming less inclined to associate with normal society and feeling no obligation to pay taxes.'

SNIP...

The $11.5trn does not include the vast amount of money stashed in tax havens by multinational corporations, which are using increasingly sophisticated techniques to run rings round the authorities.

The Tax Justice Network study has drawn from data supplied by the Bank of International Settlements, Merrill Lynch and McKinsey. Richard Murphy of Tax Research, who co-authored the report, said: 'No one has tried to calculate a number like this before. To ensure the credibility of our data, we have only used information already in the public domain and produced by some of the most authoritative sources in the world.

CONTINUED...

http://politics.guardian.co.uk/economics/story/0,11268,...



That's how crooks do it. In secret.

Thanks for giving a damn, me b zola! Happy New Year to You and Yours and ALL Good DUers!
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