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8594Main menu Paradise Papers Disappoint; New Questions April 11, 2017 Now that the Paradise Papers have been revealed, many are wondering what should be done about tax avoidance and evasion. New questions are being asked of the government, and questions that people have asked for years have been answered. It’s been a long, hard journey, and a better journey it could have been. Tax avoidance is a large problem in the United States and around the world. The new leaked files of millions of offshore accounts show exactly how massive the problem is. In the U.S., the Internal Revenue Service says the use of offshore accounts has grown dramatically. According to a report in January 2017, “It is estimated that more than 150,000 individual U.S. taxpayers have at least one offshore account.” The report also said that “More than half of those with offshore accounts cited tax minimization as the main motivation.” Tax avoidance is a big problem around the world. Tax evasion is the illegal practice of not paying the taxes due. Many accounts are set up to avoid taxes, but the most common reason people use offshore accounts is to avoid paying taxes that they already owe. The new leaks of the Paradise Papers show this. This is serious. There are many people working in the finance industry who aren’t exactly “legitimate”. This is not a good thing. The Paradise Papers also showed some really interesting connections between the Russian government and the Trump Administration. This wasn’t just some random incident. The Russian government has been accused of trying to influence the presidential elections through social media. Donald Trump Jr. met with the Russian government through a woman named Natalia Veselnitskaya to discuss how the Russian government could help him win the presidency. The problem with this is that Trump has said that there were no meetings with the Russian government, and no one from Trump’s team ever told him that he met with Russian agents. This conflict will most likely be a major problem for the Trump Administration in the coming months. In fact, it may already have started. This is a real problem for Trump, and he may end up getting impeached. The Paradise Papers also had some issues. Some of the connections that were found were not exactly true. The original leaks stated that the law firm used by the Russian government was the same one that Paul Manafort used. This is not true. The original leaked
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