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marmar

(76,985 posts)
Mon Jul 7, 2014, 09:43 AM Jul 2014

How Much Wealth Are Our Wealthiest Hiding?


from Too Much: A Commentary on Excess and Inequality:


How Much Wealth Are Our Wealthiest Hiding?
JULY 5, 2014

More than enough, the latest statistical evidence suggests, to warrant a full-fledged federal search. A new banking law in effect this month could start that search in the right direction.


By Sam Pizzigati


Almost everyone knows how Al Capone went down. We’ve seen the movies.

The biggest and baddest gangster in American history extorted and murdered for years. But the feds could never convict him on anything, until the green eyeshade guys went to work. They finally nabbed Capone — on income tax evasion.

The moral of this story? Even the most ruthless of our richest can’t hide what the federal government really wants to find.

We need the green eyeshades back on the job. Today’s wealthy have taken tax evasion to a level that old Scarface never dared imagine. Their network of offshore tax havens is now hiding a significant share of the world’s wealth.

How much are the mega rich hiding offshore? Independent analysts have been working to pin that figure down. The most recent — and statistically robust — of these estimates comes from the young London School of Economics analyst Gabriel Zucman, a protégé of the widely heralded French economist Thomas Piketty.

Zucman has zeroed in on what he calls the “anomalies” of international financial record-keeping. His prime example: the “residence principle.” .................(more)

- See more at: http://toomuchonline.org/how-much-wealth-are-our-wealthiest-hiding/#sthash.Nsul9usv.dpuf



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How Much Wealth Are Our Wealthiest Hiding? (Original Post) marmar Jul 2014 OP
du rec. xchrom Jul 2014 #1
It's been the looting at the top along with their not paying any taxes that has us brewens Jul 2014 #2

brewens

(13,399 posts)
2. It's been the looting at the top along with their not paying any taxes that has us
Mon Jul 7, 2014, 10:41 AM
Jul 2014

in the position we are in. Most people can't concieve of the extent of it.

Newsflash! If you make more money off our tax system than you pay in, you don't pay any takes. You may have written a sizeable check to the IRS but if you're salary, bonuses, investment income that came at taxpayer expense is more, you actuall made money off the tax system.

Look at what a CEO of a weapons manufacturer might be raking in off us. If he's also invested in oil companies and other corporations that make a lot of money off the government, he might be way ahead.

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