According to the Chief Economist at McKINSEY & Company **, James Henry, a review of data from the Bank of International Settlements, the World Bank, the International Monetary Fund and various national governments, reveals that the ONE PERCENT have hidden between 21 and 34 TRILLION DOLLARS in tax havens around the world. The amount was hidden so as to evade paying taxes. It is more than the combined economic output of both the UNITED STATES and JAPAN.
The astonishing magnitude of these funds dwarfs the projected cost of alleviating global poverty. THREE TRILLION DOLLARS could relieve 3 BILLION people of the hunger, illness and homelessness that results from such poverty. A poverty that kills ONE MILLION children a month and which has killed more people than all the wars of history could be ended with but 10% of what the rich have in their worldwide mattresses.
Compounding this felony against humanity is the reported actions of the SEVEN LARGEST BANKS in the United States which have created some 14,000 fronts and cover organizations to hide an additional $ 10 TRILLION to avoid taxes. The very banks enjoying taxpayer largesse during the massive bailouts of 2007-2009 have undertook every scam possible so as to avoid paying their legitimate taxes to the government and people which saved them.
* Leona Helmsley reportedly said, “We don’t pay taxes. Only the little people pay taxes”.
** McKinsey is a financial and management consulting firm originally founded in 1926; it may be the biggest such company in the world, in any case, among the top 5