Super Rich Hide $21Trillion In Foreign Tax Havens
Submitted by Emily S
Up to $280 trillion in tax revenues is lost in the United States because of the kinds of tax havens used by Mitt Romney and other super wealthy Americans.
A new study, “‘The Price of Offshore Revisited’,” was released Sunday by the advocacy group Tax Justice Network.
“Written by James Henry, former chief economist at McKinsey & Co., the study drew data from the World Bank, the International Monetary Fund, the United Nations and central banks.
“The number of the global elite who parked their fortune overseas is fewer than 10 million people, or 0.14% of the global population, the report says. It also shows that major private banks such as UBS, Credit Suisse, Goldman Sachs, Bank of America and HSBC handled the most assets on behalf of the super-rich.”