I get why rich people want to keep all their money but if they don’t pay taxes the government institutions that regulate a standard of living for nations will fail. So where will these rich people enjoy their wealth when no governments are capable of maintaing a stable society that loaded people enjoy living in?
(AlJazeera) A couple of weeks ago traders in Barclays Bank were reported as having deliberately lied about fixing Libor interest rates to maximise their own profits on currency dealings.
One week later HSBC, one of the world’s biggest banks, apologised for allowing drug gangs to launder billions of dollars.
A new report has now revealed that some of the world’s richest people have more than $30 trillion stashed in offshore tax havens.
A global elite group of super-rich has exploited gaps in cross-border tax rules to hide an extraordinary amount of wealth offshore.
Research commissioned by the campaign group Tax Justice Network says the value is as much as the gross domestic products of the US and Japan combined.
James Henry, a former chief economist at consultancy McKinsey and an expert on tax havens, compiled the most detailed estimates yet of the size of the offshore economy in that report.