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Almost half a trillion dollars — first report of its kind calculates the true global cost of wealthy and corporate tax avoidance

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A report by the global advocacy group Tax Justice Network found that countries lose $427 billion in revenue per year from wealthy individuals and corporations evading taxes.

About $245 billion of these losses stem from corporations shifting their profits to “tax-haven” countries where corporate taxes are very low or nonexistent, the report said. Wealthy individuals, on the other hand, have been storing about $10 trillion of assets in offshore accounts, paying $182 billion less in taxes than they would have if taxed in their respective countries. 

The TJN report is the first of its kind to details ⇒

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