A new report out in Britain says that there is at least 21 Trillion dollars in tax havens around the world today. And probably more.
Twenty one Trillion dollars is a lot of money.
Here's one way of imagining it. If you had 21 Trillion dollars you could give $3,000 to every single one of the 7 Billion people in this world! That is every one of the 1.3 billion Chinese, every one of the 1 billion Indians, every one of the billions in Africa, the Americas and every other country in the world. $3,000 to every single one of them. And still have $3,000 left over for yourself.
Another way to look at it, you could give $70,000 to every single one of the 300 million in the US. So my daughter with her husband and 4 sons would receive 6 times $70,000, or $420,000.
From this it is apparent to me that the Very Rich are not using their immense fortunes to create jobs as we are constantly being told. Instead they are hoarding it, and hiding it, in tax havens. And if we cut their taxes even more, if that is possible, as 150 million Republicans want to do, they would not create more jobs, they would sock away even more money into tax havens.
For some very obscure reason this is perfectly OK with the majority of Republicans. Is this because they expect one day to be in a similar situation, with millions, or billions to hide from the tax man? Or because they think that it is fair for one percent of the population to own 50 % of its wealth? Do they really think that it is OK for the average person in the top 1% in income to pay on average 16% in tax while the other 99% pay an average 30 % tax? Or are they just plain stupid?