Wealthy hiding $21 trillion in tax havens, report says – Business – CBC News

The world's "super-rich" are hiding between $21 trillion US and $32 trillion in tax havens, according to a new report. (Lee Jin-man/Associated Press)

The “super-rich elite” are hiding more than $21 trillion US in tax havens around the world, an amount roughly equal to the combined GDP of the United States and Japan, according to a new report.

Commissioned by the Tax Justice Network, an independent British organization, the report is said to be the most comprehensive ever done concerning what it calls the “offshore economy.”

Researched and written by James Henry, an expert on tax havens, the report states the hidden money could be as large as $32 trillion, and represents a massive black hole in the world’s economy.

The amount of tax income lost “is large enough to make a significant difference to the finances of many countries,” Henry noted.

Hidden money from elites living in developing countries is “enough to make a significant difference to the finances of many countries… that are now struggling to replace lost aid dollars and pay for climate change. Indeed, once we take these hidden offshore assets and the earnings they produce, ‘debtor countries’ are in fact revealed to be wealthy,” he said.

via Wealthy hiding $21 trillion in tax havens, report says – Business – CBC News.

Strange Random Tax Quote:

“Death, taxes and childbirth! There’s never any convenient time for any of them.” ― Margaret Mitchell, Gone With the Wind

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Posted on July 24, 2012, in Article and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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