offshoring

Concept: one of those “hyper-intelligent shark terrorises scientists at offshore research facility” movies (can you believe that’s an actual genre?), except partway through the movie it turns out that the facility’s director is secretly the leader of an apocalypse cult and is trying to summon Cthulhu, and the shark is trying to stop him. In the end, the interns team up with the shark to bring down the cult and its master.

Here’s a feast for the eyes: An underwater view of National Park of American Samoa. Located some 2,600 miles southwest of Hawai'i, this is one of the most remote national parks in the United States. It includes sections of three islands – Tutuila, Ta'ū, and Ofu – and about 4,000 acres is underwater, offshore from all three islands. This photo was taken at the Ofu unit, which has a shallow protected reef with a great diversity of coral cover fish. Photo by National Park Service.

washingtonpost.com
Analysis | The ultra-rich are hiding way more money overseas than anyone realized
Leaks from the secretive offshore world demonstrate just how much
By https://www.facebook.com/anaclaireswanson

Previous researchers had theorized that tax evasion was likely much more common at the top of the wealth spectrum. Not only can the superwealthy afford expensive offshore services that help them hide their earnings, they are also less likely to have to disclose to the government in the first place.

Top earners are more likely to be self-employed, and thus have the burden of reporting their own income. In contrast, lower-income people typically earn wages, which in the United States are reported directly to the government by an employer in the form of W-2s. Among wage earners, rates of tax evasion are almost zero, Zucman says.

In addition to providing new insight into the nature of tax evasion, the researchers say their findings probably mean that economists have significantly underestimated inequality. If the top 0.01 percent have 30 percent more wealth than their tax returns indicate, that puts far more distance in the yawning wealth gap between the haves and have-nots.

“It increases measured inequality quite substantially,” said Zucman. 

For Zucman, the findings imply that governments are missing out on a lot of revenue that is being hidden by the super wealthy. 

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One minute of the sounds of the sea for today’s #tbt ⛵️
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#sailing #offshore #offshoresailing #atlanticocean #sunrise #sunset #waves #wind

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