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From the NYT: “The revelations [in the Pandora Papers] are global in scope. But if there is one country at the system’s heart, it is Britain. Taken together with its partly controlled territories overseas, Britain is instrumental in the worldwide concealment of cash and assets. …
“But it’s the world that suffers the most. For shady businesspeople and long-serving political leaders, the offshore ecosystem provides impunity, cloaking capital and shielding wealth. Unaccountable and often untraceable, the system ensures that prosperity remains the preserve of the few. To overturn inequality and injustice, exposed so starkly by the pandemic, we must take on the havens — and the vested interests in London that protect them.”
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That probably depends on where you stand. All I know is that you should only read those sections of the Internal Revenue Code that deal with international taxes if you have no regard for your own sanity. The wounds on my brain from taking International Tax at law school over thirty years ago have not healed.
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