The Tax Justice Network’s report estimates that unreported offshore wealth held in tax havens has reached at least $21 trillion, and possibly as much as $32 trillion. That wealth means that the problem of inequality in wealth and income is actually worse than suspected, the group says.
It also means that many countries are losing out on tax revenue that could go a long way toward alleviating their national fiscal problems, the report’s authors suggest. The largest previous estimate of the problem – also by Tax Justice Network, in 2005 – was about $11.5 trillion, the report says.
The estimates have that number having doubled since 2005.
You'd think that having the lowest tax rates in 40 years would maybe change this but no:
Americans paid the lowest tax rates in 30 years to the federal government in 2009, in part because of tax cuts President Barack Obama sought to combat the Great Recession, congressional budget analysts said Tuesday.
A sharp decline in income "especially among the wealthiest Americans, who pay the highest tax rates" also played a role, according to the report by the nonpartisan Congressional Budget Office. Household income fell 12 percent on average from 2007 to 2009, with income among the top 1 percent of earners decreasing by more than a third.
Cutting taxes for the top earners who are making out like bandits already is not good business. Or is that just robbing the American public blind?