THE PROFITABLE BUSINESS OF NOT PAYING TAXES

THE KOCHS, THE CROOKS AND THE PROFITABLE BUSINESS OF NOT PAYING TAXES

A new report by the British economic research organization Tax Justice Network estimates that the amount of world wealth parked in tax havens is far greater than all previous estimates. According to work compiled by James S. Henry, former chief economist for McKinsey & Co., that amount is at least $21 trillion and likely much more, as high as $32 trillion.

It’s hard for mere mortals to wrap their heads around figures that go into the trillions. But for one reference point, compare it to the 2015 U.S. federal budget of $3.8 trillion. A budget that includes all federal spending for Social Security, Medicare, military costs---everything. The amount hidden in tax havens is 5 to 8 times greater.

These numbers just reflect hidden cash. They don’t include untaxed estates, yachts, gold, art and other things big money buys. These were outside the scope of Henry’s report.

(the report itself can be accessed at
http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore_Revisited_120722.pdf)

If you don’t have time to read the report, let me just give you the shocking headlines.

Money laundering and tax avoidance no longer are just the province of secretive places like the Cayman Islands. It now takes place in the financial capitals of the world: New York, London, Geneva, Singapore, Hong Kong,

And it’s not the work of a dark network of off-the-books rogues. So called "wealth management" is the most profitable and fastest growing revenue stream for the biggest banks and money funds in the U.S. and the world, abetted by many of the world’s most prestigious legal, accounting and PR firms.

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