A new study from the Tax Justice Network shows that the super rich (0.001% of the global population) have more money than we thought. The $21 trillion recorded to be shielded in tax havens (which, by the way, is 50% more than the entire U.S. economy) may be a conservative estimate and actually closer to $30 trillion.
This comes while the U.S. debates the value of raising taxes on top income earners.
Here is some perspective: If the offshore $21 trillion earned a 3% rate of return, and then we taxed that income at 30%, that would yield $200 billion in government revenues.
From the report: “the lost tax revenue implied by our estimates is huge. It is large enough to make a significant difference to the finances of many countries”.
…And the finance of many countries are in desperate need of help. Why would we not tax this small sector of individuals. Many argue that there isn’t enough at the top to totally pay down the national debt but, while that may be true, it could significantly reduce the debt or finance necessary social programs to stimulate the economy without adding to the debt. This is just good economics.