The Super Rich Have More Money OffShore Than We Thought, Paying Less Taxes Too

Oh those Panama Papers, still giving, whereas the super wealthy .01% aren’t giving their due in taxes.  The Guardian estimates they’re evading nearly ONE-THIRD of due taxes.

The richest 0.01% of households, involving those with more than £31m assets, evade paying 30% of their taxes on average, according to an academic study of tax evasion based on data revealed in the Panama Papers and the leaks concerning the HSBC Swiss private bank. Economists, who matched people named in the leaks with public wealth records, found that “the probability to hide assets rises very sharply with wealth”.

Taxation policy, hell almost every policy, depends on being able to at least count what a country can produce and how much is out there that could be collected for the collective good of the nation.  Even a basic survey of wealth is thrown off when there’s active efforts to hide funds from disclosure, no less taxation.

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