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The Price We Pay: How Hiding Wealth Offshore Robs The People At Home (Video)

When it comes to sheltering the wealth of the super-rich, the United States is moving up the ranks. A new study says the U.S. is now the third most secretive country for offshore finances, trailing only Hong Kong and Switzerland. While recent U.S. laws force banks and other firms to disclose assets of American citizens, Washington has been criticized for failing to share that information with other countries.

Well, a new documentary tackles the issue of tax havens and their cost to the societies losing out on trillions of dollars in revenue. The film is called The Price We Pay. This is the trailer.

Kicked off by that intro and trailer, part 1 (above) of this episode of Democracy Now to explain how big business and the law of the land allows the USA and other countries to take money that should benefit its citizens and keep it. Some might call that theft (and yes, the tone you note in that last statement is sarcastic). Come on now, no one is saying that winners have to give back all their chips; but winners should play fair. Too bad the players (big business) and the rule-makers (law-makers) do not see things that way. Oh, and by the way, the U.S. is not ‘playing’ in a league of its own. Looking at you Switzerland, UK and others.

Individuals and small businesses pay taxes that fund the construction and repair of roads and bridges, that fund public services like firefighters and police… BUT big business entities – Google, Chase, and others – get access to these essential services without paying taxes on HUGE chunks of income. THAT IS NOT FAIR, player (even if it is legal).

The conversation continues in part 2 after the jump. Watch and go… damn. Link to this episode’s transcript follows.


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