‘The world’s wealthiest people are hiding trillions of dollars in offshore tax havens to avoid paying their fair share of taxes, reported the Guardian’.
”New research found that the amount of money hidden around the world is larger than what’s in the American economy.
‘James Henry, economist and researcher with the Tax Justice Network (TJN), conducted a study of data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF), and several private sector analysts’.
‘According to Henry’s research, approximately 10 million individuals around the world have money hidden in offshore tax havens in order to dodge their homelands’ tax laws’.
‘Even within that group, most of the money is concentrated among a small minority of ultra-rich people’.
‘On average, the tax rate on that money is only 3 percent each year’.
‘A 30 percent tax rate would generate $189 billion off of that hidden money’.
‘Kenneth Herman sued the Clio Area School District after his daughter’s elementary school refused to grant him access while he was openly carrying a pistol’.
‘Herman, for his part, defends his lawsuit with an argument similar to the National Rifle Association’s rhetoric about good guys with guns stopping bad guys with guns’.
“I think having law-abiding armed citizens in there provides some measure of protection that isn’t a glass door that can be broken out,” Herman told a local NBC affiliate’.