An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.
The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world’s Ultra High Net Worth Individuals, that’s $8 to $12 trillion in U.S. money stashed in far-off hiding places.
Based on a historical stock market return of 6%, up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.*
With that $260 billion a year, we could work toward balanced budgets while still funding programs that protect our poor and vulnerable citizens. If it’s taxable income, why isn’t it going into our federal bank account?
*Paul Buchheit, in Common Dreams