An explosive new report from the Bureau of Economic Research just landed, and it seems that no one in the media or political class cares. The report pulls together findings from new domestic regulations related to offshore banking and revelations from a treasure trove of documents leaked in the Pandora Papers. The Bureau estimates that billionaires are now holding nearly $4 trillion in assets in offshore accounts, an increase of nearly $1 trillion since the last estimate was published. And it’s likely a good deal more than this.

Chapters

Intro: 00:00:44

Chapter One: The Magnitude of the Problem. 00:02:52

Chapter Two: Leak. Uncover. Match. Report. 00:10:45

Chapter Three: Assessing the impact. 00:15:11

Post Show Musings: 00:21:57

Outro: 00:33:15

Resources

Oxfam: Richest 1% bag nearly twice as much wealth as the rest of the world put together over the past two years

Investopedia: The Tax Implications of Opening a Foreign Bank Account

NBER: The Offshore World According to FATCA

Vox: Biden’s billionaire tax proposal, explained

ICIJ: Where are the key Panama Papers figures, seven years later?

WTTW: A Growing Worry for Charities: Tax Havens for the Rich

OpenSecrets: ‘Dark money’ groups aligned with party leadership steer hundreds of millions of dollars into 2022 federal elections

Tax Policy Center: Biden’s Budget Would Raise Taxes On High-Income Households, Cut Them For Many Others

United States Senate Committee on Finance: Wyden Investigation Uncovers Major Loophole In Offshore Account Reporting

IMF: The True Cost of Global Tax Havens

Mirror Online: Rishi Sunak accepted £60,000 from donors linked to offshore tax havens for leadership bid

POLITICO: Liberal 'dark-money' behemoth funneled more than $400M in 2020

UNFTR Resources

Episode: Modern Monetary Theory: Can we afford it? Yes. Yes, we can.

Episode: Corporate (Ir)Responsibility: Part One: Financial Fuckery and Tax Evasion.

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