βThe unpaid taxes on the amount of wealth squirreled away offshore by the wealthy right now would pay off the entire US national debt.β
without a source i call BS on this.
us debt: 22 trillion. assuming 25% as median tax rate means that people in the US have more than 100 trillion USD stashed in offshore.
to put this in context, top 50 US companies have around 3 trillion USD in offshore.
Re:U.S. Readies $11B in Tariffs on E.U
by arcticbull on Thursday April 11, 2019 @11:06AM
(#19635201)
About 11.5% of global GDP is hidden in offshore accounts, amounting to $8.7T, and unpaid taxes to the US would amount to $170B in 2016 alone. Another $70B avoided by companies, so around a quarter trillion dollars per years in net new missing taxes per year. Given that's less than the current deficit, it makes what I said unlikely, although depending how many years it's been going on that's a big piggy bank. I'll see if I can dig up what I was initially thinking, but I could have just mis-remembered.
[1] https://www.bostonglobe.com/ideas/2018/01/20/trillions-dolla...
The solution isn't to invent a whole new parallel tax system so the dodgers pay a little instead of what they owe, the solution is to get the tax money back from the dodgers. The unpaid taxes on the amount of wealth squirreled away offshore by the wealthy right now would pay off the entire US national debt.