Research published Wednesday details how a handful of U.S. states that are "subservient to the trust industry" are helping oligarchs and money launderers from around the globe evade taxes and hide their wealth within the nation's borders.
Titled Billionaire Enabler States: How U.S. States Captured by the Trust Industry Help the World's Wealthy Hide Their Fortunes, the new report from the Institute for Policy Studies (IPS) estimates that the United States is host to $5.6 trillion in trust and estate assets belonging to super-wealthy elites, both foreign and domestic.
"The concept of the 'offshore' tax haven has very much washed ashore," says the report, which exposes how 13 U.S. states "shield the fortunes of the world's richest people."
According to a summary of the report:
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