OFFSHORE HAVENS FOR TAX CHEATS
January 8, 2022 - Douglas Myser
Offshore havens for tax cheats. With the revelation in the Panama Papers, and then in the Pandora Papers, its apparent that many of the world's wealthy, and famous individuals feel that the tax code doesn't apply to them, and that cheating is a game to be played with the government's of the world, with Law Firms and bribes being a way of doing business. The real problem with that line of thinking are the consequences of those actions. by taking billions of taxes out of the system, the money that would have been used to pay for programs to help people in crisis, one of the few things that most people would agree government is supposed to do, gets eaten away. As does the fact that the deficit swells, and interest costs take a larger amount out of the taxes that responsible people pay into the system. Not to mention that many who are doing this have so much money already, that the average person who is struggling to get by, would simply view it as a crime, worthy of a much more severe punishment , than the ones that seem to be doled out to the people doing this who are caught. Offshore havens for tax cheats.
In the case of the Panama Papers, most of the documents found, showed that they were created between 1996 and 2020, even though some dated back to the 1970's. With such a long history, it shows how the tax cheating system ha endured efforts at reform that have persisted over the years. If some of these people are cuaght, they will need alot more than just a Tax Resolution Company. The records include dozens of memos and messages discussing ways to defeat new transparency laws, erect more ironclad shelters for assets and ,ironic as it may sound in this context, avoid being exposed by another leak.
IRS WAGE GARNISHMENT
Executives at a politically connected Panama City law firm, mentioned in a 2016 email "numerous requests from clients to confirm the security of our information systems" after the Panama Papers stories, according to some of the documents. The executives scrapped plans to convert paper records to digital storage, hoping to reassure wary clients.