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“The unpaid taxes on the amount of wealth squirreled away offshore by the wealthy right now would pay off the entire US national debt.” without a source i call
by kmlx 8y ago
“The unpaid taxes on the amount of wealth squirreled away offshore by the wealthy right now would pay off the entire US national debt.”
without a source i call BS on this.
us debt: 22 trillion. assuming 25% as median tax rate means that people in the US have more than 100 trillion USD stashed in offshore.
to put this in context, top 50 US companies have around 3 trillion USD in offshore.
- arcticbull 8y agoAbout 11.5% of global GDP is hidden in offshore accounts, amounting to $8.7T, and unpaid taxes to the US would amount to $170B in 2016 alone. Another $70B avoided by companies, so around a quarter trillion dollars per years in net new missing taxes per year. Given that's less than the current deficit, it makes what I said unlikely, although depending how many years it's been going on that's a big piggy bank. I'll see if I can dig up what I was initially thinking, but I could have just mis-remembered. [1] https://www.bostonglobe.com/ideas/2018/01/20/trillions-dollars-have-sloshed-into-offshore-tax-havens-here-how-get-back/2wQAzH5DGRw0mFH0YPqKZJ/story.html https://www.bostonglobe.com/ideas/2018/01/20/trillions-dolla...