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Global Economic Crisis and Untaxed Money in Offshore Bank Accounts

Introduction

Equality is one of the aspects that is crucial and prevalent to a greater extent in this world. Gone are the days when the issue of equality was only confined to the facets of how human beings are treated, religion, class, and cast, financial and social status. Now, this issue has reached to the depth and can be observed in the intricate matters. One aspect that this research paper talks about is controversial nowadays. This aspect is related to the field of finance and economics. The aspect that is undertaken into discussion in this paper is about the untaxed mammoth amount of money that is lying in offshore accounts.

Thesis Statement

The paper undertakes discussion in the context of following thesis statement:

Taxing the untaxed money in the offshore accounts would lend a hand in eradicating the problem of global crisis.

General Overview and the Issue

If we look at the distribution of wealth at the offshore accounts then it would be revealed to us that in offshore accounts there is about 83 percent of the $21 trillion at minimum that is hold by no more than 10 million people. This shows the level of concentration. Out of these 10 million people the top 100 people are multibillionaires. Out of the 83 percent the top hundred people accounts for 8.1 percent. The rest of the 2,900 billionaires possess an average wealth of $ 1.4 billion which represents approximately 7 percent of it. This means that there are 3,000 people who have 15 percent of the financial wealth of world. There is also a group of ultra high net worth crowd. According to estimates there are about 117,000 people in the world who possess average wealth of approximately $58 million. There is another lot of 9.9 million people whose average wealth rounds up to $6.3 million and they account for 60 percent of this. So, this distribution of wealth shows that 82 percent of the wealth of the world is in offshore accounts and it is possessed by 0.14 percent of the population of world (Ronen, pp. 32).

If we analyze this situation then it would present the picture that would point out that the most it is the small share of the world's population that is getting the benefits of this industry. If we describe this situation in numbers then it can be stated that 0.14 percent is a tiny fraction of the whole population that owns such a huge amount of $231 trillion (Ronen, pp. 32).

Arguments in favor of Thesis Statement

Above discussion about the distribution has exposed the scenario of distribution of wealth. The above mentioned facts clearly imply that a huge amount of money is in offshore accounts and is exempted from tax. This paper puts forward the idea that if this money is taxed then it would aid in eradicating the global economic crisis. Following points show how taxing the money in offshore account would help in ...