How the Wealthy Hide Their Money from the Government

Washington Post: “The documents known as the ‘Panama Papers’ have created a global scandal around the ways the world’s rich conceal their wealth from the authorities. The prime minister of Iceland offered his resignation after the papers reportedly revealed that he and his wife had a fortune on paper hidden away in the British Virgin Islands. British Prime Minister David Cameron is taking criticism as well, and he acknowledged that he profited from a secret family trust.”

“In the United States, the Treasury would collect about $124 billion a year in additional taxes — $36 billion from individual taxpayers and $88 billion from multinational corporations — if it weren’t for such schemes, according to estimates by Gabriel Zucman, an economist at the University of California at Berkeley.”

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  • pisher

    Iceland is as socialist as a western Democracy can be–certainly as socialist as Denmark or Sweden–and still with the capitalist corruption and tax evasion and financial chicanery.

    Not so easy to do away, eh Senator Sanders?

    (He didn’t hear me. Jeff Weaver was covering his ears).

  • Beelzebub

    It’s simple: The US should offer what these other countries do.

    • pisher

      Apparently not so simple, or this would not be happening.

      Grass is always greener.

      • Beelzebub

        It’s not offered because of lobbyist/special interest and Congress wants to control
        the tax policy in return for favors.

        • pisher

          Special interests are not unique to American politics. This story, in fact, proves that.

    • embo66

      We already do. It’s easier to start a shell company in America than just about anywhere else in the world.

      Educate yourself.
      https://newrepublic.com/article/132600/us-shell-companies-just-common-panamanian-ones

  • DemInExile

    The GOP is always responding to these sorts of stories by saying “its too hard to collect, they will always find a way around the laws, so we shouldn’t even try”. They talk about global warming and say (or used to when they acknowledged the issue) “we can’t solve it ourselves, China pollutes, so why even try”

    Then, when discussing illegal immigrants and the impossibility of stopping them all, they say “we need to deport them, build a wall to block them” etc… If they weren’t hypocrites they would be saying “we can’t stop illegal immigration so why even try”.

    When talking about drugs, they have uniformly (until the recent opiate problem which primarily affects white americans) said “we have to crack down on drugs, throw people in jail” If they weren’t hypocrites they would be saying “we can’t stop illegal drug use so why even try”.

    War, limited government, the 47% of moochers, gay rights, voting fraud, and any number of other issues and they always try to intervene. But when it comes to cracking down on their friends, with the GOP its always “why even try”

  • yodacohen

    Taegan, the Cayman Islands are next. That is where wealthy Houston oil and gas/energy barons hide theirs. They not only don’t want their taxes raised. They don’t wanna pay the taxes they’d actually owe if the IRS knew.

  • yodacohen

    Taegan, the Cayman Islands are next. That is where wealthy Houston oil and gas/energy barons hide theirs. They not only don’t want their taxes raised. They don’t wanna pay the taxes they’d actually owe if the IRS knew.

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