Wealthy tax evaders, aided by private banks have exploited loopholes in tax legislation and stashed over $21 tn in offshore funds, says a report. The capital drained from some developing countries since 1970 would be enough to pay off national debts. ­The findings show the gap between the haves and the have-nots is much larger than previously thought. The document, entitled The Price of Offshore... 

President Barack Obama wants to tell America a few things about Mitt Romney: he is rich and indifferent, bad for women, and might wobble at a fateful moment as commander-in-chief. Obama’s reelection campaign has unleashed a daily, negative, character-based slashing of his November foe, ahead of the president’s official campaign kick-off rallies in the crucial battlegrounds of Virginia and... 

America’s middle class is disappearing as growing income inequality creates more families in areas either mostly rich or poor, a report says. Around 44 per cent of families live in middle-income neighbourhoods – down from 65 per cent in 1970, the Stanford University study shows. Meanwhile a third of families in the U.S. now live in either rich or poor areas, which has more than doubled on... 

The wealthiest of Israel’s elite are starting to seek out new homes elsewhere. This should tell us something about what may be in store. Some of us may remember Marc Rich, possibly the biggest tax dodger in US history, who fled to Israel. About seven years ago, just as Clinton was leaving office, Marc Rich got a pardon dropped in his lap. He may have been the first of many wealthy Jews looking to...