PODCAST: Listen to John Aidan Byrne, Irish commentator based in New York, talk with CHUCK COLLINS, on his new book on The Wealth Hoarders, How Billionaires Pay Millions to Hide Trillions. Collins has just ripped the lid off this secret industry, laying out how the super wealthy hide their fortunes and escape tax liability. Chuck is an expert in the field of economic inequality, and as an heir to the Oscar Mayer family fortune, he knows the wealth defense industry from the inside.


 

Chuck, a proud Irish-American raised in America’s Midwest, gave away his own family inheritance rather than pursue a life of almost guaranteed opulence and comfortable financial security. His new book contains personal accounts of his own experience, and he interviews practitioners including lawyers and accountants, who expose this practice.

From sun-soaked tropical islands to his beloved Ireland and other locales in Europe, Collins lays out in this episode how the schemes are orchestrated, from washing vast sums of money through the corporate books, to buying up tracts of luxury apartments that then sit idle. He then poses a sobering fiscal warning for nation states and the mass populace.

The Wealth Hoarders has already received praise and positive reviews.

“Chuck’s book reveals not only the inner workings of this elaborate scheme to hide more than $20 trillion in wealth, it offers us a blueprint for reversing this obscene inequality so we can take back our democracy and ensure that our government works for everybody―not just the billionaire class and wealthy campaign contributors,” wrote Senator Bernie Sanders.

Writing in the New York Post, Larry Gelten wrote, [Collins’s ] “new book focuses on what he calls the Wealth Defense Industry (WDI), noting that not only do the ultra-wealthy — which he  defines as the 0.1 percent — spend time and money ensuring they pay almost  no taxes, but that there are over 90,000 professionals around the world whose careers are dedicated to helping them do so.”
Frederik Obermaier, co-author of The Panama Papers, wrote, “The Wealth Hoarders reveals that a whole parallel world exists in which the rich and powerful enjoy the freedom to avoid not just  taxes but all kinds of laws they find inconvenient.”

The Wealth Hoarders, How Billionaires Pay Millions to Hide Trillions

Publisher: Polity

Publication date: 4 Feb. 2021

ISBN: 150954349X

Print length: 240 pages

Language: English