Share this article Share Some of the world’s richest people have had their fortunes soar even as the global economy has faltered.
Some of them have used their wealth to shelter their companies in tax havens around the world, while others have been rewarded for their investments with a tax deduction or even a tax cut.
In recent months, the top 10 individuals have received more than $2.1 trillion in total tax breaks and other special treatment, according to a new report by the International Monetary Fund.
The top 5 percent of Americans have received an average of $819,000 in tax cuts and other benefits, while the top 0.1 percent have received $14.7 billion in tax breaks, according the report, which focuses on the world economy and was prepared for the U.S. Congress.
The report is based on data from U.N. tax data, including data from the Organization for Economic Cooperation and Development, and tax returns from companies that make their money by selling goods and services in the United States.
It also analyzed information from public filings, including tax returns and tax credits.
The IMF estimates that between 2012 and 2019, the United Kingdom, France, Germany, Japan and Sweden paid a combined $1.2 trillion in special treatment to their wealthiest citizens, with France paying the most.
The United States paid the least, with $2 billion in special breaks.
The top 10 countries that received the most tax breaks to their richest citizens included:Belgium, Australia, Switzerland, Singapore, Germany and Italy.
The next 10 are: Canada, United Kingdom and the United Arab Emirates.
The bottom 10 countries were: Chile, Brazil, Colombia, Ecuador, Uruguay and Paraguay.
The bottom 50 countries paid the most taxes to their poorest citizens: China, South Korea, India, France and New Zealand.
Some of the top tax breaks are for investment income, such as capital gains, the IMF said.
Some are for income, like dividends.
The average tax benefit for a U.K. taxpayer in the first three years of a tax year was $2,400.
A French taxpayer in that same year received $5,400 in special tax benefits.
A Swiss taxpayer paid $6,400, a German taxpayer paid a total of $11,000, and a South Korean taxpayer paid the average of the $5 million average for that tax year.
In the U, the average tax relief for a taxpayer in 2018 was $8,000.
The average for a German and Japanese taxpayer was $6.7 million, and the average for the average taxpayer in Japan was $9,000 and $10,000 respectively.
A Brazilian taxpayer paid about $12 million in taxes, according a government official who declined to be named.
In Canada, the typical tax benefit from investments is $5.9 million.
The median tax benefit is $10.5 million.
In the United State, the median is $16 million.
“Tax incentives, like the special tax breaks that are so commonplace in the U., are particularly effective for the top 1 percent of income earners, and these individuals receive a huge tax break for the value of their investments,” the report said.
The median tax benefits for the richest 1 percent was $20.7, according.
The tax benefits to the poorest 1 percent were $4.9 billion.
The tax breaks were mostly aimed at high-income people.
The biggest tax breaks for the super-rich were for dividends, the largest of which is worth more than 3.7 percent of a corporation’s value.
For instance, in the fourth quarter of 2018, a Canadian taxpayer received a dividend of $2 million, a $9 million tax deduction and a $1 million tax cut from the company.
The biggest tax benefits went to corporations that make money by buying up and selling securities, including the New York Stock Exchange, the Nasdaq, and other stock exchanges.
The U. S. has the highest rate of income tax on corporate income at 35 percent.
The OECD, which studies taxes around the globe, estimates that the U the world would be $22 trillion richer if the U of A was taxed the same way.
But that is a far cry from the U S, which in 2018 had the lowest rate of corporate tax at 15 percent, a rate that has remained low since the U s corporate tax rate was reduced to zero in 2007.
The OECD also estimates that a U S corporation could invest $2 trillion with no tax on its profits and that an investor could earn $10 billion from a company with no corporate taxes.
In fact, the OECD estimates that an investment of $10 trillion could pay for itself in the future.
“It’s quite staggering that the world has not taken advantage of the wealth that’s being created, or at least that’s what the OECD has been telling us,” said Paul Bresnahan, director of the Centre for International Governance Innovation at the World Bank.
The most generous tax breaks have