The Paradise Papers and America's Elite
Top of Mind with Julie Rose - Radio Archive, Episode undefined
- Nov 9, 2017
- 19:45 mins
Guest: Will Fitzgibbon, Reporter for the International Consortium of Investigative Journalists One aspect of the Republican tax reform plan President Trump likes to emphasize is a provision that would encourage US companies to "bring back trillions" in foreign profits, which makes it sound like the foreign profits of US companies are being held hostage offshore somewhere. But that’s misleading. The companies could bring the money back anytime they wanted, they’d just have to pay corporate taxes on it. Instead, they stash it away in some of the world’s most beautiful escapes – Bermuda, the Cayman Islands, the Seychelles that offer pristine beaches and charge low – or even no – taxes. More than 13 million documents have leaked from some of the law firms that help companies do that. They’ve been dubbed the Paradise Papers and the International Consortium of Investigative Journalists is coordinating reporting on them.