The new (2015) documentary film shines a light on the issue of tax havens for the wealthy, and the cost to society losing out on trillions of dollars of revenue. Nearly three out of four companies in the U.S. Fortune 500 operate at least one subsidiary in an offshore tax haven and some have registered more than 100, allowing them to evade taxes on hundreds of billions of dollars in profits every year. Companies have dramatically increased their use of accounting techniques that allow cash earned overseas to be booked in the name of subsidiaries that are incorporated in low- or no-tax jurisdictions, sometimes with little more than a mailbox as their physical presence.
Between 2008 and 2014, the amount of money U.S. firms claimed as profits attributable to offshore entities doubled to $2.1 trillion. The U.S. firm that leads the pack in offshore profits is Apple, second is General Electric, and third is Microsoft. A 2012 study by the Tax Justice Network on the “offshore economy” estimated that wealthy individuals and their families have between $21 and $32 trillion of hidden financial assets around the world in offshore accounts or tax havens. Learn more about how and where the super-rich stash their money.
Suggested donation $6.00 – $10.00. Come enjoy the film, and stay for the facilitated discussion to follow.