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£13 Trillion: Hoard hidden from taxman by global elite

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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 expert on tax havens, has compiled the most detailed estimates yet of the size of the offshore economy in a new report, The Price of Offshore Revisited, released exclusively to the Observer.

He shows that 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 private banks, which vie to attract the assets of so-called high net-worth individuals. Their wealth is, as Henry puts it, "protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy". According to Henry's research, the top 10 private banks, which include UBS and Credit Suisse in Switzerland, as well as the US investment bank Goldman Sachs, managed more than £4tn in 2010, a sharp rise from £1.5tn five years earlier.

More

http://www.guardian....ffshore-economy

You got all these countries struggling including us and these daemons hoarding it away

All these cut backs downgrading quality of life while these daemons make sure they break the will of the people and live a life of luxury not having a care in the world

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Tax havens like Switzerland are a magnificent business strategy because the countries that employ them cant be governed by other countries. Then countries that use those tax havens are using them to hide money and/or break the law, so when the law catches up to those countries, where does that money go? Straight into the ownership of those banks in those tax havens.

Its like free money.

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You'd do the same as them tbh.

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You'd do the same as them tbh.

IS WHAT IVE BEEN SCREAMING LONG TIME!

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init

"f*ck the bankers"

like you wouldn't be loving life if you was in their shoes.

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"The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," the report says.

Cant say I could live with myself looking at people suffer at my expense if I was one of these daemons

Im sure many would roll with it though

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oi what's dat cocaine ketamin bait Ouse tune called?????????????????????

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"but almost half of the minimum estimate of $21tn – $9.8tn – is owned by just 92,000 people."

f*ck

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lol @ you'd do the same

guys are looking at proof of the enslaving of the human race

and all they can say is 'i'd do the same'.

mate...

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lol @ you'd do the same

guys are looking at proof of the enslaving of the human race

and all they can say is 'i'd do the same'.

mate...

Just keeping it trill

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oi what's dat cocaine ketamin bait Ouse tune called?????????????????????

fur coat - you and i

these man are ballin

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You'd do the same as them tbh.

No

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Stop lying.

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Lets take Philip Green, I'm sure he argues that he employs & generously pays thousands (Top Shop, Burton, Evans, Dorothy Perkins, Miss Selfridge, Wallis) of UK citizens who all pay tax, so in turn he is already contributing to this country and I dare say that he would also argue that during his come up he probably has paid more tax, then some will ever pay in their life times.

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it costs bare to do this shit init?

ive never been one for money, but i cant understand why these uber wealthy want to keep it

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baffled by the last 2 posts.

lol @ generously pays

mate mate

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Compared to most retail outlets I'm sure his group pay way better than average market retail rate and above national minimum wage rates. Do they not?

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martinez why do u want to pay someone 25k for folding clothes

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:lol:

They should not be getting away with taking away that kind of % with them. REGARDLESS of how 'important' they are deemed to the system.

suggesting these companies are above the laws which we have to oblige by is the problem, but I guess some people are cool with that.

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you said 'lol @ generously pays'

what is an adequate pay for these employees then mr, martinez?

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that was a quick reply to TF's post

he basically disregards the fact that these groups set the amounts the lowest paid employees in this sector are paid in the first place. They f*ck*ng spend millions every year working out ways of paying these employees LESS. But to be honest this isn't really the point.

If you're making the money in this country. Pay the f*ck*ng tax. How are you going to try and say that it's okay that he's rang up George and said you know what matey, I've had enough tax for now, come back later yea.

anyway

What's a fair amount to pay them?

I don't know - there's much discussion on what fair pay actually means and it definitely lacks consensus, heck why don't they get given a % of all that tax haven p.

What do you think?

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:lol:

They should not be getting away with taking away that kind of % with them. REGARDLESS of how 'important' they are deemed to the system.

suggesting these companies are above the laws which we have to oblige by is the problem, but I guess some people are cool with that.

They aren't above he law, they paid someone to study the law and find the loophole. You could say... Don't hate the player, hate the game.

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