According to the TAX JUSTICE NETWORK, the SuperRich have stashed between $ 21 and 32 TRILLION in offshore banks and tax havens to avoid paying taxes. FORTY PER CENT of this is held by American Supers. If taxed this would produce $ 260 BILLION annually.
Then if we could collect what Corporations used to pay, and have since stopped paying, we just might get rid of the nasty deficit altogether. Before 2008, Corporations paid 22.5% in taxes but since the SECOND DEPRESSION and subsequent BAILOUT, Corporations have only paid 10% in taxes. This is a loss of $ 250 BILLION annually.
The U.S. Treasury is thus shorted $ 1.1 TRILLION is lost revenues. One can understand why we’re broke, it wasn’t a failure of Government, it wasn’t due to the lack of productivity of the American worker, it was a theft committed by the SuperRich and the Corporateers. It wasn’t lost, it was stolen.