Video: How 1% asset-holes’ offshore tax havens hide $21 – $32 trillion

McKinsey Chief Economist James Henry leads explanation in this brilliant 53-minute video tour of how the 1% hide $21 to $32 trillion in tax havens. The US top seven banks hide over $10 trillion, many top US corporations claim income losses, while the bottom 90%’s tax burden increases – in part to pay top corporations’ tax refunds.

Only the middle class and poor pay taxes.

Since 1966, inflation-adjusted annual income for the bottom 90% of Americans increased just $59, while the 1% increased income average by $625,000, and the 1% of the 1% increased average incomes by $18,700,000 per year.

Our choices seem to be only two:

The video is from Taxodus.

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  • The original report of the $21 trillion being hid in offshore tax havens was first released in July of 2012. To this day, the list of those hiding their money has not been released. And I have yet to locate a followup article citing any legal repercussions. Business as usual for wealthy tax evaders who have mastered the art of exempting themselves from social responsibility, while our legal system does little more than give them incentive to continue doing so.

  • michael

    The rich don’t give a shit! Their favourite movie is “Hunger Games”