This week a group of investigative journalists released an enormous cache of leaked documents called the Paradise Papers. Like last year’s Panama Papers incident, these records detail the offshore financial activities of some of the world’s richest people and companies. But while 2016’s leak focused mainly on the tax avoidance strategies of foreign entities, the Paradise Papers are full of names that will be familiar to Americans. The video below provides a quick overview of this complex story. Tomorrow, we’ll look into greater detail at the methods that Apple used to dodge their tax bill.
- Why is it unethical for wealthy individuals and companies to keep money hidden from the government?
- Besides avoiding taxes, what are some other reasons why people hide their wealth overseas?