Wednesday, June 1, 2016

32 Trillion dollars in Off Shore (mostly tax free) accounts. What to say about this?

Two years ago, amazing details began to seep out about wealthy individuals and their "off shore accounts". Recently, the "Panama Papers" provided a treasury of information about the mostly "tax free" accounts.

For every $1.00 that the West sends in aid to poor countries, $10.00 is sent to these off-shore accounts. More than $32 trillion appears to be beyond the reach of tax authorities.

The Micah Statement on the Panama Papers has this quote ... and much more.

"Compare the $50 to $80 billion a year that flows as overseas development ‘aid’ to poor countries with the $500 billion to $800 billion that the World Bank estimates is being sent illegally out of these same poor countries. For every $1 given across the table, the West has been receiving $10 back under the table ... We call on world leaders to have the political courage, the moral integrity and a genuine concern for the poor to act and stop this theft! This will require the adoption of fair policies and transparent governance practices that can be scrutinised by all. The pledge by 6 countries to at the London Summit on Corruption (12th May 2016) to use a public register of beneficial ownership is a small step in the right direction. We call on our leaders, national, regional and local, our business leaders and our church leaders, to lead by example and ensure that all citizens are treated equally before the law, not allowing the tax burden to be transferred from the richest to the poorest."

Read it all.

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