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Elizabeth MacDonald on a new report from the Tax Justice Network which claims between $21 trillion and $32 trillion are being held in unreported offsh...
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Offshore but hold the outrage the study itself may be pretty on reliable.
Adjustment Arnold has.
-- you Mac's bottom line Liz welcome OK so the that the headline is startling on this but what -- -- -- Yet this is from the tax justice network it's that organization based in London.
They're saying initially in 200511.
Point five trillion and offshore assets now that number is written since grown look at this actually to what one trillion to 32 -- that's thirty teacher and his about the size of half of the entire planet's gross domestic product.
So the issue is this study itself says there's no good solid government data out there to ascertain how much is squirreled away offshore.
This is a holy Grail for governments worldwide because they want this money to plug and -- -- -- budget deficits but here's a deal.
They basically are using.
US bank deposits offshore that number they not -- bank deposits offshore right as a percentage of total US banks deposits to figure out well how much it total assets.
Our offshore meaning stocks bonds and that's really rich the other make -- a -- In other -- -- taking the cash percentages.
As a percentage of all deposits and then they say okay here's -- -- let's use after all assets.
Including gold stocks bonds you know real estate dots and that's held offshore -- -- scary part about this study is they're talking about taxing.
Assets and that's something that is unheard of in tax regime income worldwide as opposed to just income so be it when you go through this study which I did.
There's no discussion of where they got the data having arrived at their estimates in and the footnotes -- -- Forbes magazine article is only half a dozen.
Of footnotes and by the way big this organization.
Put out -- that -- free publication Texas if you can.
By the way they are nonprofits that they don't -- a million -- -- that -- that is a tax justice that.
We're very decent of the noted yet that's very decent weather and a half of this one Al yeah obviously little shaky on the details on the shaking and believe conclusions all right and I -- -- --
