Super-rich hiding trillions

“A global super-rich elite had at least $21 trillion (£13tn) hidden in secret tax havens by the end of 2010, according to a major study.”

They’re hiding it, so it must be ill-gotten, and therefore unearned. Since they didn’t earn it, it’s not legitimately theirs. It may be seized by the IRS and (after keeping some to fund the operations of the IRS) redistributed to the People’s Liberation Army through interest payments, just like everyone else’s taxes.

The catch is it isn’t easy to get hold of this money. Most of it is in accounts owned by cronies of powerful politicians, who have written the laws so that the money in a finicky legalistic technical sense, actually belongs to that global super-rich elite. It seems like the easiest way to take it back for the people is to inflate the currency. Which to the government’s credit they have been trying to do.

My feeling is it will probably take four more years before the people get what they deserve.

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3 Replies to “Super-rich hiding trillions”

  1. The report highlights the impact on the balance sheets of 139 developing countries of money held in tax havens that is put beyond the reach of local tax authorities.

    Mr Henry estimates that since the 1970s, the richest citizens of these 139 countries had amassed $7.3tn to $9.3tn of “unrecorded offshore wealth” by 2010.

    Oooooh…. They mean the guys that take all the aid, liquidate it and bank it?

    1. I think you’re supposed to picture a wizened old man in Zurich, not a third-world kleptocrat.

      1. From the way they keep talking about how the US and UK and such are looking, I suspect so– but I was raised to try to see what isn’t there. (Usually old homesteads. But hey.)

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