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$21tn: hoard hidden from taxman by global elite

The Guardian by Heather Stewart | Jul. 22, 2012 (News)

• Study estimates staggering size of offshore economy • Private banks help wealthiest to move cash into havens A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network. James Henry, former chief economist at consultancy McKinsey and an ... Full Story »

Posted by Jack Powers - via Tim O'Reilly, Umair Haque, Google News (Global Economy)

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Subjects: World, U.S., Politics, Business, Community
Topics: Global Economy, U.S. Economy, Taxes
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Posted by: Posted by Jack Powers - Jul 21, 2012 - 10:34 PM PDT
Reviewed by: Jack Powers (review), Dwight Rousu (review)
Content Type: Article
Edit Lock: This story can be edited
Edited by: Pamela Hogle - Jul 22, 2012 - 11:00 AM PDT
Related Comments: Global Economy (2)

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Jack Powers
4.0
 by Jack Powers - Jul. 21, 2012

at least £13tn – perhaps up to £20tn – has leaked out of scores of countries into secretive jurisdictions such as Switzerland and the Cayman Islands with the help of ... More »

Jack posted this story.
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Dwight Rousu
4.7
 by Dwight Rousu - Jul. 25, 2012
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  • Super-Rich Hold Up To $32 Trillion In Offshore Havens

    Huffington Post, Reuters, Tax Justice Network | Jul. 22, 2012 (Special Report)
    Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax ...
    Posted by Dwight Rousu
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