Paradise Papers Name Politicians & Celebrities

In a continuation of the Panama Papers, the International Consortium of Investigative Journalists' Paradise Papers report names politicians and celebrities as some of those with ties to offshore accounts.

Essentially, people and corporations have set up bank accounts in foreign countries where the tax rates are either significantly lower or outright nonexistent, saving the account holders money on taxes.

Now, owning and operating these offshore accounts isn't always technically illegal, but many are calling out the people linked to these accounts, as it flies in the face of efforts to help alleviate income inequality, as well as President Trump's statements on keeping tax revenue in the country. 

Furthermore, the Paradise Papers bring up conversations about the new Republican tax bill that was proposed last week, as it includes loopholes that may benefit those that use similar profit shifting actions.

Gary and Shannon spoke with Will Fitzgibbon, a member of the International Consortium of Investigative Journalists that worked on the Paradise Papers.

The Paradise Papers include...

  • U.S. Secretary of Commerce Wilbur Ross
  • U.S. Secretary of State Rex Tillerson
  • Former Secretary of Commerce Penny Pritzker
  • Gen. Wesley Clark 
  • Queen Elizabeth II
  • Bono 
  • Robert Mercer, CEO of Renaissance Technologies and a Trump backer
  • Companies like Apple & Nike

Read the full story at CBS News

Read the full Paradise Papers report at International Consortium of Investigative Journalists

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