[TE Article Summary] 3rd June '17 Gimme shelter - Super-rich
http://www.economist.com/news/finance-and-economics/21722897-swiss-leaks-and-panama-papers-open-window-tax-dodgers-world
Gimme shelter
The super-rich are different: they pay less tax
The Swiss leaks and Panama papers open a window on the tax dodger's world
The super-rich may pay even less tax than previously realized
1. Tax authorities' randomized tax audits are too small and too crude to accurately identify how much revenues they missed especially from the super-rich
2. With leaked information from Massack Fonseca, so-called Panama paper scandal, three economists tried to tackle a problem of constructing the most detailed estimates of the extent of tax evasion.
3. The first conclusion from the research is that tax evasion is extremely concentrated on the super rich: average is 3%, the richest 1% is 10%, and the top 0.01% is 30%.
4. The second is the previous researches on the wealth inequality may have been biased with understated statistics. Even the Scandinavian estimates are based on conservative assumption that only 2% of households accounts are offshore relative to 4% global average.
5. Globalization not only rewarded capital more handsomely than labour but also made it easier to hide their wealth.
Gimme shelter
The super-rich are different: they pay less tax
The Swiss leaks and Panama papers open a window on the tax dodger's world
The super-rich may pay even less tax than previously realized
1. Tax authorities' randomized tax audits are too small and too crude to accurately identify how much revenues they missed especially from the super-rich
2. With leaked information from Massack Fonseca, so-called Panama paper scandal, three economists tried to tackle a problem of constructing the most detailed estimates of the extent of tax evasion.
3. The first conclusion from the research is that tax evasion is extremely concentrated on the super rich: average is 3%, the richest 1% is 10%, and the top 0.01% is 30%.
4. The second is the previous researches on the wealth inequality may have been biased with understated statistics. Even the Scandinavian estimates are based on conservative assumption that only 2% of households accounts are offshore relative to 4% global average.
5. Globalization not only rewarded capital more handsomely than labour but also made it easier to hide their wealth.
Comments
Post a Comment