ust as Congress begins debate on the Republicans’ “Tax Cut and Jobs Act,” new revelations have emerged about how wealthy elites around the world hide their wealth.
The “Paradise Papers” — the result of a leak from the Bermuda-based law firm Appleby — shines additional light onto the shadowy world of hidden wealth and tax dodging.
Efforts to reform the U.S. tax system are fundamentally undermined by a global tax-avoidance system that allows individuals and corporations to shift trillions to offshore havens to escape taxation, accountability, and publicity.
The Paradise Papers, alongside the “Panama Papers” released in April 2016, provide another set of disclosures into a system full of titillating details about how high-ranking global officials have created their own system of rules. The Bermuda leaks disclose the role of high-ranking Trump administration members, including Commerce Secretary Wilbur Ross and White House economic advisor Gary Cohn, in using offshore tax havens.