Newsletter – Building Toward Political Revolution
By Margaret Flowers and Kevin Zeese for Popular Resistance. Of course, we also know the Panama Papers leak is about just one tax evasion firm, and not a major one. This is a small tip of a massive tax evasion iceberg. Estimates are that $7.6 trillion in individual assets are in tax havens, about one-tenth of the global GPD. The use of tax havens has grown 25 percent from 2009 to 2015. Gabriel Zucman, author of The Hidden Wealth of Nations: The Scourge of Tax Havens and assistant professor at UC Berkeley estimates that US citizens have at least $1.2 trillion stashed offshore, costing $200 billion a year worldwide in lost tax revenue and US transnational corporations are underpaying their taxes worldwide by $130 billion.
The Panama Papers will escalate demands for transformation of the economy as well as of government; continue to increase pressure on capitalism and result in the growth of the people powered movement for economic justice.
