People have said for years the system is rigged to benefit the rich but now there’s this damning leak that can’t be ignored. Payroll workers across the developed world are paying 20% or more income tax with only a limited number of ways to avoid it (undeclared income from winnings or contractor income for example) while the rich and powerful…[Read more]
They did business for years with internationally sanctioned clients from Syria and North Korea before pulling the plug. Claiming ignorance and eventually doing the right thing doesn’t excuse this huge oversight on their part.
Mossack Fonseca provided a stage for tax evasion, deliberately hiding the identities of beneficiaries in some cases. I expect the investigation to clearly show they consulted their clients through evasive maneuvers to hide wealth.