Monday, July 23, 2012

(Opinion)Tax Havens: 13 trillion reasons why inequality is worse than we thought

While it has always been known that the rich have done their best to outwit the taxman, we now know to what extent. Thanks to well paid experts in tax law and accounting, the rich have successfully hidden 13 trillion, which, according to the guardian,  is the GDP of the United States and Japan Combined. 

Unaccountable rulers have also been at this as they have diverted funds to private accounts Luxembourg and Switzerland confirming just about every assumption anyone left of Noam Chomsky have made about the super rich.  

This finding will mean all published statistics on income inequality may have to be revised as they have been based on misleading data and governments across the globe will have to take a more aggressive stance against tax avoidance as there has never been greater demand for something to be done. 

right wing politicians now face being laughed out of the public debate if they dare make a defense of tax havens, a problem Mitt Romney and the republicans are finding out in the most painful manner possible. However the political ramifications are nothing compared to fate of governments who don't take action and continue to lose much needed revenue.

In sum, Marx may have talked about class warfare being the only the working class to increase their lot, but failed to detail a major caveat, the rich at much better at it, which the last 30 years have proved conclusively.

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