Central Asia & Caucasus: Rich-Poor Gap Much Wider than Previously Believed
A new report discredits the concept of trickle-down economics, a theory that holds that if ultra-wealthy individuals receive tax breaks and other incentives, they will drive economic growth and promote prosperity for all. Instead of spreading the wealth, the global rich tend to sock their money away in off-shore tax havens, the study suggests.
The report, titled The Price of Offshore Revisited, was prepared by a non-profit watchdog group, the Tax Justice Network (TJN). It estimates that the super-rich around the world have between $21 trillion and $32 trillion stashed away in tax havens. [For a summary of the report click here].
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