That the fair solution to our deficit dilemma is a sensible combination of raising revenues through eliminating loopholes in the tax code, and reforming our unsustainable entitlements:
"These estimates reveal a staggering failure," says John Christensen of the Tax Justice Network. "Inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people.---Vitelius"This new data shows the exact opposite has happened: for three decades extraordinary wealth has been cascading into the offshore accounts of a tiny number of super-rich."
In total, 10 million individuals around the world hold assets offshore, according to Henry's analysis; but almost half of the minimum estimate of $21 trillion---$9.8 trillion---is owned by just 92,000 people. And that does not include the non-financial assets – art, yachts, mansions in Kensington---that many of the world's movers and shakers like to use as homes for their immense riches.
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