Mitt and His Buddies Looted Almost $10 Trillion from Real Economy

The Tax Justice Network just released an updated version of a report showing how much money gets siphoned out of the real economy into tax shelters: conservatively, $21 Trillion, and possibly as much as $32 Trillion.

I’ll have more to say about what the report says about the how the super wealthy have done in the last decade and which banks have been helping to loot the real economy.

But for now, consider where Mitt Romney fits into this picture. TJN shows that it’s really just the richest of the rich–those 91,186 people who make up the top .001%–that account for the biggest chunk ($9.8 Trillion) of this looting.

Not only is Mitt a member of that tiny club. But his net worth–commonly reported to be $250 Million but, given all the secrecy, possibly much more–puts him well above the mean $183 Million that members of this club enjoy.

And Mitt and his buddies in this very elite club have stashed 18% of the total liquid net worth of the world in places where not only can’t potential presidential voters know about it, but it also remains outside the kind of circulation that would really contribute to real economic growth.

Last week, Obama released an ad that said Mitt is the problem. TJN shows just what a big problem Mitt and his buddies really are.

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Emptywheel Twitterverse
JimWhiteGNV Having fantasies about that kayak the #Rays just gave Jeter being full of fire ants the first time he hops in...
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emptywheel @billmon1 Cruz just got to the Senate too late: remember when they were hunting AQ defense attys? @DanielLarison @Ali_Gharib
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emptywheel So after we impose 100% tax on Liz Cheney's inheritance and .1% net worth taxes on politico use of "homeland" THEN we can tax DOD contrators
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emptywheel Actually I think these are better taxes to pay for Get-Your-War-On: 1) Liz Cheney's inheritance. All of it 2) Pols using word "homeland"
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emptywheel @repjustinamash Is anyone asking who will pay for this yet? Can we impose a tax on defense contractors to pay for it?
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emptywheel @Atrios The Barnacle Branch. Get it straight!
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emptywheel @attackerman Glad that Dempsey being too honest in Senate testimony and therefore bolloxing Get-Your-War-On becoming yearly event.
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emptywheel @onekade Also small and boney. Like rabbit. Not very easy to cook with. @jilliancyork @tinyrevolution
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emptywheel Imagine if Admin wanted to kill US ISIS member. They'd throw wall-splat of Awlaki memos w/wall-splat of IS war memos http://t.co/kg5njzG26r
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bmaz @bmaz Kiki says "come visit me!" http://t.co/6t88fTyVIi
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emptywheel And then replaced by Condi. RT @shrubfree: no, [Goodell]'d be appointed viceroy of baghdad. #ageoffail
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emptywheel If Goodell were to lose non-profit status AND Anheuser-Busch, THEN would he get fired?
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