July 23, 2012
Major banks and the financial global elite are now confirmed to have as much as $32 trillion in hidden assets stashed away in offshore accounts that are subject to little or no taxation. As a result, around $280 billion is estimated to be lost in tax revenues. In other words, the multi-trillion dollar banks and elite families are avoiding any taxation while forcing United States citizens to foot the bill. Amazingly, the $32 trillion stashed away represents the overall GDP of the United States and Japan combined.
In order to reach the monetary figure, which many are calling quite conservative, economist James Henry commissioned was by the Tax Justice Network — a group that seeks to bring tax evasion to light. Even the Tax Justice Network was quite shocked by the outcome, with spokesperson John Christensen saying he was ultimately startled by the “scale” of the numbers. What’s more concerning than the numbers, however, is the entities behind them. The report revealed that major banks such as Bank of America and Citigroup were among the many major corporations and banking organizations to hide their assets in offshore tax havens.
Bank of America, HSBC, Global Elite Families Among Listed
In an interview with the news organization Al Jazeera, Christensen explains just how deep the report goes:
“We’re talking about very big, well-known brands – HSBC, Citigroup, Bank of America, UBS, Credit Suisse – some of the world’s biggest banks are invovled…and they do it knowing fully well that their clients, more often than not, are evading and avoiding taxes.”
To find the incriminating information, Henry (the economist working for Christensen and the Tax Justice Network) actually utilized data from deep within the International Monetary Fund (IMF), World Bank, United Nations, and central banks to reach his final figure. Embedded in what could potentially be the largest and most publicized breaking story on the subject of large-scale tax evasion by the wealthy elite, Henry also found that the offshore tax havens are actually quote attractive to entire developing nations — not just major banks and ultra-rich families.
Used by ‘private elites’ to hide the wealth of developing nations, Henry found the balance sheets of 139 developing countries on record. Since the 1970s, he estimates that among the richest of these nations currently disguising their true asset value had amassed around $7.3 to $9.3 trillion. A figure that is completely unknown to the rest of the world due to the fact that is ‘unrecorded’ as offshore wealth.
The findings are continuing to gain mainstream attention, and pinpoint just how far big banks and major corporations will go in ensuring that they do not have to pay a dime in taxes while at the same time calling for mass tax increases for the average citizen. Furthermore, it shows the financial mischief of the financial elite, depositing trillions upon trillions of dollars into offshore accounts with unknown value.
This post first appeared at Natural Society