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This Week on Between The Lines

Posted Aug. 1, 2012 for week ending Aug. 10, 2012

"Much of this ($21 trillion) is concentrated in about 10 million people around the planet. The growth of the activity has been accounted for by a relative handful of major international banks – including Goldman Sachs – which have made it a business to help the wealthiest people on the planet take their money out of their home countries, invest it abroad tax-free and use a variety of schemes to defend it against taxation."

– James S. Henry, lead researcher on "The Price of Offshoring Revisited," on $21 trillion stashed in tax havens to avoid taxes on bonds, stocks, as well as bank deposits on alternate investments like hedge funds. This $21 trillion excludes non-financial assets like real estate, art collections, yachts and intellectual property.

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Listen to the entire program using these links, or to individual interviews via the links appearing prior to each segment description below.

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New Report Finds Super Rich Around the World have Avoided Paying Taxes on More Than $21 Trillion of Hidden Wealth

 RealAudio  MP3

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 $250,000 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 $21 trillion in offshore accounts, avoiding paying millions of dollars in taxes in their home countries.  Story continues
from.. http://www.btlonline.org/2012/120810-btl.html