April 11, 2016

What offshore tax havens are costing us

The documents known as the "Panama Papers" have created a global scandal around the ways the world's rich conceal their wealth from the authorities... In the United States, the Treasury would collect about $124 billion a year in additional taxes — $36 billion from individual taxpayers and $88 billion from multinational corporations — if it weren't for such schemes, according to estimates by Gabriel Zucman, an economist at the University of California at Berkeley.

To get an idea of how much money is at stake, here is a list of a few things Congress could do with $124 billion a year.


1 comment:

Anonymous said...

Tax havens cost us nothing. It's not our money.

Government theft costs us half what we make. Understanding that crime is the beginning of wisdom.