December 31st, 2010
The Economic Collapse: Many of the ultra-rich live in a world where they simply do not pay income taxes. Today, it is estimated that a third of all the wealth in the world is held in offshore banks, located in places such as Monaco, the Cayman Islands, Bermuda, the Bahamas, and the Isle of Man. It isn't because those are fun places to visit. It is to avoid taxes. Follow up:
Follow up:The super wealthy and the international banking elite think that it is really funny that our paychecks are constantly being drained by federal taxes, state taxes and Social Security taxes while they literally pay nothing at all. These incredibly rich elitists make a ton of money doing business in wealthy western nations and then they transfer virtually all of their profits offshore where they don't have to contribute any of it in taxes. It works out really great for them, but it sucks for the rest of us.
It is estimated that approximately $1.4 trillion is held in offshore banks in the Cayman Islands alone. According to an article in Forbes magazine, there is a total of approximately 15 trillion to 20 trillion dollars in offshore bank accounts, brokerage accounts and hedge fund portfolios.
A recent article in the Guardian stated that a third of all the wealth on the entire globe is held in offshore banks and that the vast majority of international banking transactions take place in these tax havens. Read more.....
Editor's note: We are reminded of the Leona Helsmley (wealthy New York real estate mogul) statement: "Only the 'little people' pay taxes."