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Politics : Mainstream Politics and Economics
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To: TimF who wrote (26487)9/5/2012 10:15:13 PM
From: Wharf Rat  Read Replies (4) of 85487
 
No; those accounts belong to the non-productive.

"that's after spending a lot,"

Yes; you can only spend so much. After that, you become a drag on the economy.
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Wealth doesn't trickle down – it just floods offshore, research reveals

"This offshore economy is large enough to have a major impact on estimates of inequality of wealth and income; on estimates of national income and debt ratios; and – most importantly – to have very significant negative impacts on the domestic tax bases of 'source' countries," Henry says.

Using the BIS's measure of "offshore deposits" – cash held outside the depositor's home country – and scaling it up according to the proportion of their portfolio large investors usually hold in cash, he estimates that between $21tn (£13tn) and $32tn (£20tn) in financial assets has been hidden from the world's tax authorities.

"These estimates reveal a staggering failure," says John Christensen of the Tax Justice Network. "Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.

"This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich."

guardian.co.uk
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