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Financial Transparency After Panama
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  • WigWag

    Let’s not forget that the man Professor Mead once compared to Clement Atlee, Winston Churchill and Margaret Thatcher has been implicated in the scandal. David Cameron; just another crook, like the rest of the world’s elites.

    • Fat_Man

      Wig Wag you are off base once again. Try some facts next time.

  • Fat_Man

    I have recently been researching the fate of Viennese Jews forced into exile by the Nazis. Many of them had to stash money in off shore havens to give themselves the wherewithal to survive the war and establish themselves in their new homes. We should be very cautious about shutting down the opportunities to hide property from opprseeive regimes.

    Putin and Xi are bad guys, and the money they have stashed in Panama is no doubt the fruit of their evil doings. But, by the same token, others may be their victims who are trying to escape their regimes.

    Further a good deal of the propagandizing of the Panama papers ignores the distinction between tax evasion which is fraud on the taxing authorities, and tax avoidance which is structuring one’s affairs to lessen the burden of taxation.

    Conducting transactions under the table and not reporting your profits is tax evasion. Fufiling a pledge to a charity by delivering shares of appreciated stock and deducting the market value of the shares is lawful, and it saves a lot of taxes against selling the stock, paying tax on the profits, and giving the proceeds of the sale to the charity. That is tax avoidance. It is neither illegal nor immoral.

    “Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.”
    Judge Lerned Hand in Commissioner v. Newman, 159 F2d 848 (1947).

  • FriendlyGoat

    1) The fallout from the Panama Papers is going to reverberate for a long time. We might be so fortunate that hacking questionable entities and practices will become a bit of a sport by some adventurous folks for the edification of all the rest of us.

    2) This is going to put the spotlight on some activities which are “perfectly legal” (now) and which should not be.

  • Anthony

    Tax evasion vs.Tax avoidance clarity may be an unintended consequence of the Panama Papers (are the privileged allowed to play by different rules?).

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