All posts filed under “money

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Tax Evasion by the 1% (of the 1%)

This graph, made and based in research by economists Annette Alstadsæter, Niels Johannesen, Gabriel Zucman, shows that in Scandinavian countries the top  1% – or even: the top 1% of the top 1% – manages to evade up to some 25% of the taxes owed, while the average is a mere 2.8%. The superrich can conceal their assets and income. These results are based audits conducted randomly by tax authorities and new data leaked, e.g. from HSBC Switzerland (the ‘Swiss leaks’). (source)

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Tension in GE Pensions

The Wall Street Journal opened this Sunday with a story about General Electric (GE), one of the US’ biggest companies. In the story, they talked about an alarming development: pension plans being under water and stock options from retirees. These stock options have lost so much value over the last decade, that multiple retirees have had to go back to work, just to afford retirement. GE’s market capitalization has fallen more than $460 billion since its 2000 peak, and according to the article, this can mostly be attributed to poor decision-making from above. (source)