There is up to $21 trillion in off-shore tax shelters

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Thom Hartmann A...
Thom Hartmann Administrator's picture

Mitt Romney’s not alone.  According to a new study by the Tax Justice Network, the world’s super-rich have stashed as much as $21 trillion in off-shore tax havens.  And a lot of that wealth is concentrated in the hands of roughly 100,000 people who hold nearly ten trillion dollars of wealth on their own in off-shore bank accounts.

If all that money was taxed accordingly at a Conservative 30% rate – then there would be $200 billion more in the global economy, which is roughly twice the amount of money that the most developed nations in the world spend on international development assistance.

So, Mitt Romney is just one of many very wealthy people who’ve taken their money out of America – or out of their respective home countries – and selfishly stashed it away in tax havens.  However, Romney is the only one of them who is also running for President of the United States.