(LibertySociety.com) – When it comes to taxes, most people do all they legally can to lessen their burden to the government. For years, wealthier Americans have used trusts to shield assets from tax and debt liabilities. And while you may hear about corrupt individuals who also hide their money overseas to avoid taxes and creditors altogether, what you might not know is now, foreigners are using our trust laws in some states to do the same thing.
The International Consortium of Investigative Journalists (ICIJ) gathered comprehensive, confidential records, referred to as the Pandora Papers, outlining how political, corporate, and connected people from foreign lands exploit trust company laws in certain states to hide assets here.
Perhaps the most disturbing part of the dive into these domestic trusts is that some money comes from criminals and criminal activity. The ICIJ collected over 11.9 million records, including incriminating emails, spreadsheets, and contracts outlining the nefarious financial activity from all over the world, including Sioux Falls, South Dakota. But South Dakota isn’t the only state where such trusts exist. Florida, Delaware, Texas, Alaska and Nevada have all enacted laws allowing confidential trusts foreign entities might use. Several big names were mentioned including the former UK Prime Minister Tony Blair, Jordan’s king, Abdullah II and even Vladimir Putin, indirectly.
Unless, and until, the laws of the land change to disallow ill-intended people from hiding their assets in the United States, our nation unwittingly allows foreign criminals to continue to carry on illegal activities unchecked.
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