New Report Finds Super Rich Around the World have Avoided Paying Taxes on More Than Trillion of Hidden Wealth
Interview with James S. Henry, lead researcher for Tax Justice Network report, "The Price of Offshore Revisited", conducted by Scott Harris
This election year, one of the central debates between Democrats and Republicans – and between President Obama and presumptive GOP nominee Mitt Romney – is over how much should the nation’s wealthiest citizens have to pay in federal taxes. On that issue, polls find most voters in favor of letting the Bush-era tax cuts lapse for the wealthy, while retaining tax cuts for families earning 0,000 and under annually. But a new report undertaken by the Tax Justice Network paints a disturbing picture of tax avoidance, finding that the super-rich in the U.S. and around the world are hiding at least trillion in offshore accounts, avoiding paying millions of dollars in taxes in their home countries.