World's Richest Hiding $21 Trillion From Taxman
Top 0.001% alone account for $10 trillion
By Mark Russell,  Newser Staff
Posted Jul 23, 2012 3:35 AM CDT
Updated Jul 23, 2012 5:30 AM CDT
Up to $32 trillion is hidden in tax havens around the world, according to a new report by the Tax Justice Network.   (Shutterstock)

(Newser) – While Democrats and Republicans argue about who should get tax cuts in America—those making $250,000 a year or $1 million annually—the really, really megarich are hiding some real money around the world in tax havens and sheltered offshore accounts reports the Guardian. In fact, at least $21 trillion (and up to $32 trillion) is stashed in offshore accounts around the world, according to a new report by the Tax Justice Network.

And while about 10 million people have offshore assets, the top 92,000 of them—0.001% of the world's population—account for some $10 trillion of those funds. "These estimates reveal a staggering failure: Inequality is much, much worse than official statistics show,” the head of the Tax Justice Network is quoted as saying in the New York Daily News.
 

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