A study was just released proving still more that letting the wealthy and corporations offshore profits, first, shouldn't even ever been made legal and that it should, now, be reversed and made against our tax laws:
A new report reveals how wealthy individuals and their families have between $21 and $32 trillion of hidden financial assets around the world in what are known as offshore accounts or tax havens. The actual sums could be higher because the study only deals with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts. The inquiry was commissioned by the Tax Justice Network and is being touted as the most comprehensive report ever on the "offshore economy." It also finds that private banks are deeply involved in running offshore havens, with UBS, Credit Suisse and Goldman Sachs handling the most assets.
And the crazy thing is, of course, that it is legal, and that we allow this, but to go back to the beginning of it all, what's really insane is that, because of "campaign contributions" to their--our--legislators, the laws were written for the wealthy in the first place, so they could get away with this kind of rather treasonous obscenity in the first place.
And sure, the wealthy will always have the laws written for themselves first but let's not let it be THIS easy for them. Let's at least see to it this is rescinded and made illegal. Let's at least do that. Then, after that, let's take away tax cuts for offshoring jobs in America.
It's difficult to believe we even have to say this.