A recent report found that the super-duper rich have something like at least $26 trillion hidden away in secret tax havens.
That’s close to twice the size of the US economy, exempt from taxes – and presumably playing no part of the productive economy.
What was a bit alarming apart from the size of this – was the developments over the last decade:
Seems like something like $15 trillion was removed from the world economy over a period of just eight years. And this skews the bigger picture about inequality, tax burdens – and it says something fundamental about where the fruits of people’s labor apparently ends up. A large part of the cake is removed before we even start discussing who should get what.
More on the report is here.