New analysis by the Tax Justice Network has revealed the United Kingdom to be the biggest enabler of corporate tax dodging in the world. Betty and I were both shocked!
Statista has the infographic in my following post on the Weal Blog that I am developing to foster a Virtual Commonweal Community in Lake County Ohio. (More about that in the coming days)
The Nations Who are Enabling Tax Dodging
The infographic is followed by a link to an example of how this works.
Then I give a link to the actual report followed by a summary about what it is about.
You may also find this related post on my Lake County Weal Blog relevant:
Where Wealth is Concentrated
Only 20 percent of the world’s population lives in the Global North. Despite this, nearly 70 percent of all private wealth, and 74 percent of the world's billionaire wealth, is concentrated there. The five richest billionaires today, according to Forbes, are LVMH chief Bernard Arnault, Amazon’s Jeff Bezos, investor Warren Buffet, Oracle co-founder Larry Ellison and Tesla CEO Elon Musk.
According to the report, as many as seven in ten of the world’s biggest companies are run by a billionaire, or have a main shareholder who is a billionaire. Huge corporations are winning out too, as Oxfam’s analysts explain: “the biggest firms experienced an 89 percent leap in profits in 2021 and 2022. New data shows that 2023 is set to shatter all records as the most profitable yet. Eighty-two percent of these profits are used to benefit shareholders, who are overwhelmingly among the richest people in every society.”
Since Anne knows a lot about the world economy and has also spent time on the ground in the UK, I will be interested in her thoughts on this.