As bureaucrats across the globe continue to ask the common citizenry for access to every financial decision they make, politicians and celebrities worldwide are hiding large amounts of wealth in tax havens according to the Pandora Papers. While American politicians like the Biden administration claim to be against tax corruption, some people view the U.S. as the world’s “main tax lagoon.”
Pandora Papers Expose Hypocrisy Among Bureaucrats Worldwide, US Public Officials Manage to Escape Investigation
During the last month, the Biden administration and other U.S. politicians have been discussing proposed legislation that aims to address tax evasion by the so-called billionaire class and corporate entities. One proposal aims to give the U.S. Internal Revenue Service (IRS) access to bank account information, regardless of tax liability. If enacted, financial institutions across the country would have to report accounts with at least $600 worth of transactions or more. Another proposal aims to introduce “unrealized capital gains” otherwise known as “anti-deferral accounting.”
Meanwhile, this past week the latest release of the Pandora Papers has been published and the documents unveil a great number of politicians worldwide hiding wealth to stay clear of taxation. The papers were released by the International Consortium of Investigative Journalists (ICIJ) and they claim to reveal the “inner workings of a shadow economy” for the “well-connected.” The papers include two million documents from 14 different service providers, exposing over 330 politicians and public officials from various countries.
The Pandora Papers are two times the size of the offshore accounts and the number of public officials named in the Panama Papers. Offshore asset links stemmed from celebrities too, like the professional cricket player Sachin Tendulkar, model Claudia Schiffer, and the world-famous singer Shakira. Interestingly, prominent American bureaucrats managed to stay out of the investigation’s findings despite the record-setting monetary expansion the U.S. has seen in the last two years.
One Reporter Asks: ‘Why Are There No Big American Names in Pandora Papers?’ Russia’s Press Secretary Says the ‘US Is the Main Tax Lagoon for the Whole World’
A few media outlets like NPR and the Washington Post mentioned tax-evading American bureaucrats and the country’s contribution to the Pandora Papers. The Washington Post (WP) quickly said Americans leverage the same methods of tax evasion but no public official was named in the WP report. A scathing report from the Independent doesn’t mention any American politicians but the author decides to