Global Financial Impact
đThe US-led international offshore system deprives governments worldwide of at least $700 billion in annual tax revenue, hindering funding for essential public services and infrastructure.
đ°Tax evasion by the ultra-rich accounts for over one-third of all unpaid federal income tax, with 21% of the wealthiest Americans' income going completely unreported and untaxed.
US Role in Offshore Finance
đŠThe United States is ranked as the most secretive offshore financial center globally, excelling at protecting oligarchs' wealth.
đThe US has facilitated global oligarchy by being a key player in the offshore financial system, providing secrecy to wealthy individuals seeking to evade taxation and legal obligations.
Potential Solutions
đĄCracking down on tax havens could generate approximately $175 billion in additional federal revenue, potentially sufficient to lift every American out of poverty.