Monday, June 5, 2017

GABRIEL ZUCMAN - TAX EVASION AND INEQUALITY - THE SUPER RICH HIDE THEIR WEALTH TO AVOID TAXES.... But isn't that like Apple Computers?

"The study demonstrates, yet again, that the super-

rich are a law onto themselves, living in a world 

completely separate from the vast majority of 

humanity."

Study: The ultra-rich hide 25 percent of their wealth in tax havens
By Gabriel Black
5 June 2017
A study released May 28 by University of 

California Berkeley economist Gabriel 

Zucman and two Scandinavian colleagues, 

Tax Evasion and Inequality,” demonstrates 

that global wealth inequality is drastically 

underestimated in official statistics because of

how successful the super-rich are at evading 

taxes.
According to the paper, the super-rich, that is the top .01 percent, hide some 25 percent or more of their wealth. This is primarily due to the exploitation of offshore tax havens that allow them to avoid paying taxes where their income is actually accrued, and where they actually live.
The study demonstrates, yet again, that the super-rich are a law onto themselves, living in a world completely separate from the vast majority of humanity. Earlier this year, Oxfam reported that only eight men control as much wealth as the bottom half of humanity. However, the findings of this new paper suggest that wealth concentration is even higher.
The authors of the paper write, “The many data sets used in this article all paint the same picture: the probability to hide assets rises very sharply with wealth, including within the very top groups. As a result, offshore wealth turns out to be extremely concentrated. By our estimate, the top 0.01% of the distribution owns about 50% of it [offshore wealth].”
They conclude, “this implies that the top 0.01% hides about 25% of its true wealth”

Zucman explained to the Los Angeles Times, “There’s a big industry providing wealth management services for the super-wealthy all over the world. … Once you cross a certain threshold of over $50 million, you get offered those services.”
The study’s authors, Anette Alstadsaeter, Niels Johannesen and Gabriel Zucman, rely on several sources to make their analysis. The first and most important is leaked data from HSBC Private Bank (Suisse), the Swiss arm of HSBC, the sixth-largest private bank in the world. The data from HSBC Private Bank (Suisse), which was exposed in 2015, shows how the bank hides billions of dollars of taxable money for corporations such as Google and Amazon, as well as a variety of extremely wealthy clientele. The dirty stream of money exposed in the leak went as high as former US President Bill Clinton, and involved several billionaires and public figures.
Another source they use is the data from the Panama Papers, the massive leak of files from the Panama-based law firm Mossack-Fonseca in 2016. Those files showed how the law firm made millions of dollars helping politicians and the super-rich stash their money and hide it to evade taxation.
A third source they use is data from Norwegian, Danish and Swedish tax authorities showing households who voluntarily disclosed previously hidden assets in exchange for tax amnesty. Zucman, et al. were able to match assets exposed by the 2015 HSBC leak and the Panama Papers with government data in the Scandinavian countries. This method allowed them to understand the average amount of wealth the super-rich said they had versus what they actually had in undisclosed accounts.
The paper showed that in Norway, when offshore assets are added, the Norwegian super-rich show a 30 percent rise in income and the increase is likely to be higher in other countries.
“Because most Latin American, and many Asian and European economies own much more wealth offshore than Norway, the results found in Norway are likely to be lower than for most of the world’s countries,” the authors noted.
Zucman told the Los Angeles Times, “There is good reason to believe that the very steep gradient [in tax evasion by the wealthy] is also the case in the US.”
According to the conservative figures of the Internal Revenue Service, which does not cover legal tax havens, $406 billion in taxes are unpaid every year. An investigation into the HSBC leak by the CBS News program “60 Minutes” showed that the Swiss bank run by HSBC had about 4,000 US taxpayers with wealth exceeding $13 billion.
The individual tax evasion highlighted in the report, however, is only part of a much broader phenomenon. Tax evasion in the US literally takes place on an industrial scale and is built into the business model of major US corporations.
It has been estimated that US firms hold about $2 trillion in cash on offshore holdings largely to escape paying US taxes—an amount roughly equivalent to 14 percent of American gross domestic product.
The most prominent example is Apple which holds $240 billion out of its $256 billion in cash reserves offshore in order to avoid paying taxes on this money if it repatriated it. At the same time, it borrows tens of billions of dollars in the US, much of it in order to finance share buybacks and dividend payments in order to boost its share value.
The operation of this seemingly perverse logic—borrowing money while having an ocean of cash on hand—is the outcome of policy decisions of the US Federal Reserve since the eruption of the financial crisis of 2008 aimed at boosting the wealth of the financial elite.
Its policy of quantitative easing, which has pumped around $4 trillion into the US financial system coupled with the maintenance of ultra-low interest rates, means that Apple only has to pay interest ranging between 1.6 and 4.3 percent to finance operations that boost the value of its shares—far less than the cost in taxes that it would have to pay if it repatriated its overseas holdings.
As a result of these and other financial machinations, Apple’s total market value passed $800 billion earlier this year and is well on the way to the $1 trillion mark while the social cost of these operations is borne by millions of working-class families who are deprived of vital services because it is claimed that government has no money to pay for them.
Apple, however, is only the biggest example of a process which extends across the corporate world. Among the other big holders of overseas cash reserves are: Microsoft, with $113 billion; Cisco Systems, with $62 billion; Oracle, with $52 billion and Google’s parent company, Alphabet, with $49 billion.
These figures underscore the fact that tax evasion and the gains secured by the “malefactors of great wealth” are not the result simply of their individual actions but are the product of an economic and political order of, by and for the rich.

“But what the Clintons do is criminal because they do it wholly at the expense of the American people. And they feel thoroughly entitled to do it: gain power, use it to enrich themselves and their friends. They are amoral, immoral, and venal. Hillary has no core beliefs beyond power and money. That should be clear to every person on the planet by now.”

Wikileaks exposes Obama’s bankster-infested

 

administration!

  
BARACK OBAMA …… the banksters’ RENT BOY!
 “Citigroup’s recommendations came just three days after then-President George W. Bush signed into law the Troubled Asset Relief Program, which allocated $700 billion in taxpayer money to rescue the largest Wall Street banks. The single biggest beneficiary was Citigroup, which was given $45 billion in cash in the form of a government stock  purchase, plus a $306 billion government guarantee to back up its worthless mortgage-related assets.”

MUCH MORE HERE:


“As president, Obama not only funneled trillions of dollars to the banks, he saw to it that not a single leading Wall Street executive faced prosecution for the orgy of speculation and swindling that led to the financial collapse and Great Recession, and he personally intervened to block legislation capping executive pay at bailed-out firms.”

 “So when Clinton was hobnobbing with  Goldman Sachs CEO Blankfein in 2013, while  investigations of wrongdoing by Goldman and the other Wall Street banks were still ongoing, she was consorting with a man who belonged in prison.”

CRONY BANKSTER LOOTING OF AMERICA

THEIR GOLDEN AGE OF PLUNDER IS NOT OVER!

  
NO PRESIDENT IN HISTORY SUCKED IN MORE BRIBES FROM BANKSTERS NOR INFESTED HIS ADMIN WITH BANKSTER CRONIES MORE THAN OBAMA!

And while the Obama administration worked systematically 

to bail out the banks and make the financial oligarchy richer 

than ever, shielding the architects of the Great Recession 

from criminal prosecution, it did impose fines for some of the

banks’ grossest swindles, including the sale of worthless 

subprime mortgage-backed securities, the rigging of key 

global interest rates such as the London Interbank Offered 

Rate (Libor), drug money laundering, illegal home 

foreclosures and other illicit activities.


BARACK OBAMA , HIS CRIMINAL BANKSTERS AND THE 

LA RAZA

MEXICAN DRUG CARTELS….

There’s more than one way to destroy America’s white middle class!




HSBC laundered hundreds of millions and perhaps billions 

of dollars for drug cartels responsible for the deaths of tens 

of thousands of people over the past two decades. The bank 

transferred at least $881 million of known drug trafficking 

proceeds, including money from the Sinaloa Cartel 

in Mexico, which is known for dismembering its victims and 

publicly displaying their body parts.



THE SINS OF THE FATHERS: THEIR GLOBAL LOOTING of the POOR


THE OPEN BORDERS PARTY of GEORGE SOROS, HILLARY & BILLARY CLINTON, BARACK OBAMA and DONALD TRUMP

                                        
DONALD TRUMP, HIS PARASITIC FAMILY, HIS GOLDMAN SACHS

REGIME and GOD FATHER, GEORGE SOROS… .global looters of the poor!

 

http://mexicanoccupation.blogspot.com/2017/05/the-jared-kushner-donald-trump-george.html

  
THE OBAMA AND THE REVOLUTION: Will His Bid For A Third Term For Life Come About? Will Illegals Vote the La Raza Supremacist Back Into the White House?

DESTROY AMERICA TO BUILD A MUSLIM-STYLE DICTATORSHIP WHERE LA RAZA MEXICANS VOTE HIM PRESIDENT FOR LIFE

"He is intent on maximizing the damage he inflicted on the country during the two terms of his faux presidency, having now set up shop in Washington to pursue a post-presidency agenda advancing a left-wing insurgency, civil unrest, racial conflict and the destabilizing activities of a shadow."


TRUMPERNOMICS: IMPLEMENTING OBAMA-CLINTONIMCS


 “CRIMINAL BANKSTERS WILL CONTINUE TO RULE AMERICA!”  Twitter Trumper
OBAMA-CLINTON-TRUMPERnomics: The Massive Transfer of Wealth to the Super Rich Ratcheted up!


The American oligarchy, steeped in criminality and parasitism, can produce only a government of war, social reaction and repression. In its blind avarice, it is creating the conditions for unprecedented social upheavals. It is hurtling toward its own revolutionary demise at the hands of the working class.

BUT WE KNOW WHERE THEY LIVE!
“The massive transfer of wealth will not go to investment, but to acquiring bigger diamonds; more luxurious mansions, yachts and private jets; new private islands; more  security guards and better-protected gated  communities to segregate the financial nobility from the masses whom they despise 
 and fear.”

“Our entire crony capitalist system, Democrat and Republican alike,

has become a kleptocracy approaching par with third-world hell-holes.

This is the way a great country is raided by its elite.” ---- Karen McQuillan  AMERICAN THINKER.com


BARACK OBAMA PLANS A THIRD TERM: HIS CRONY BANKSTERS, LA RAZA, MUSLIMS AND THOSE MUSLIM DICTATORSHIPS HE FUNDED ARE BEHIND HIM…. Along with George Soros!

THE OBAMA COUP TO BE DICTATOR:
THE ARMY OF ILLEGALS TO BRING AMERICA DOWN AND FORM THE OBAMA MUSLIM-STYLE DICTATORSHIP THAT WILL BE OPEN BORDERS AND PRO LA RAZA FASCIST SUPREMACY.

                                                  
Daniel Greenfield, the award-winning Shillman Journalism Fellow at the Freedom Center, believes (OBAMA'S POLITICAL PARTY) “OFA will be far more dangerous in the wild than the Clinton Foundation ever was.”

“Barack Obama and his henchmen would not have been emboldened in their ostensible machinations to undermine an election and then a presidency if  it were not for the fecklessness of the Republican  Party and the blind eye as wellas the tacit support of the mainstream media.”


BARACK OBAMA PLANS A THIRD TERM: HIS CRONY BANKSTERS, LA RAZA, MUSLIMS AND THOSE MUSLIM DICTATORSHIPS HE FUNDED ARE BEHIND HIM…. Along with George Soros!

THE OBAMA COUP TO BE DICTATOR:

THE ARMY OF ILLEGALS TO BRING AMERICA DOWN AND FORM THE OBAMA MUSLIM-STYLE DICTATORSHIP THAT WILL BE OPEN BORDERS AND PRO LA RAZA FASCIST SUPREMACY.

                                                  
Daniel Greenfield, the award-winning Shillman Journalism Fellow at the Freedom Center, believes (OBAMA'S POLITICAL PARTY) “OFA will be far more dangerous in the wild than the Clinton Foundation ever was.”

THE LEGACY OF BARACK OBAMA:
 Final Death of the American White Middle Class

Under the Obama administration, more Americans have found themselves consigned to economic ghettos, living in neighborhoods where more than 40 percent subsist below the poverty level.


Millions more now live in “high poverty” districts of 20-40 percent poverty, according to recently released report by the Brookings Institution.


THE OBAMA BOOK DEAL: Sixty-five million dollars—or even $267.5 million—is a small price to pay for the contribution the former president made to enriching the already fabulously rich, defending the American ruling elite’s geopolitical interests around the world and continuing the assault on the wages, benefits and living standards of the working class.

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