Well, the billionaires are at it again!

According to a new report from the Tax Justice Network, a conservative estimate is that “the world’s High Net Worth Individuals (HNWIs) hold around $11.5 trillion of assets offshore, which would generate a return of about $860 billion a year at a 7.5% rate of return, and a consequent tax loss of $255 billion.”

Who is the Tax Justice Network and why should we believe them?  They exist to “promotes transparency in international finance and opposes secrecy… supporting a level playing field on tax.  They oppose loopholes and distortions in tax and regulation, and the abuses that flow from them. They promote tax compliance and oppose tax evasion, tax avoidance, and all the mechanisms that enable owners and controllers of wealth to escape their responsibilities to the societies on which they and their wealth depend.”

Sounds good to me!  What I find confusing is where these wealthiest of the wealthy plan to live when their own countries go down the tubes.  Having the personal goal of de-capitalizing your own country seems just a tad unpatriotic, not to mention short-sighted, rather like destroying the earth and then wondering where you are going to live.

This brings us to the present Republican candidate for president George Romney, the ONLY candidate in American history who refuses to share with the American people his own tax returns before 2011.  Don’t we all wonder what is in his Swiss Bank Account?  And why does he fear telling all?

Since the year 2000 American corporate and personal taxes have dropped steadily and yet our economy continues to falter.  Perhaps if our billionaires would share a bit of their own bounty, things would start to look up!

Advertisements