According to this article it has been estimated that rich individuals have stashed away 11.5 trillion dollars in off-shore tax havens.
Although they have only 1 percent of the world's inhabitants, they hold a quarter of United States stocks and nearly a third of all the globe's assets.
They're tax havens: 70 mostly tiny nations that offer no-tax or low-tax status to the wealthy so they can stash their money. Usually, the process is so secret that it draws little attention. But the sums - and lost tax revenues - are growing so large that the havens are getting new and unaccustomed scrutiny.
Well, if I suddenly had a few hundred million lying around, I'd also right away be looking for where I could stash it away in order to pay as little tax as possible. Despite my most noble social intentions. So I can't say I can blame anybody for doing that. But it is an alarming figure. Essentially there are two different worlds to live in. If you're rich enough, it is no particular problem to place the majority of your wealth outside the system most of the rest of us are stuck in.
[ Information | 2005-05-09 22:31 | | PermaLink ] More >
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