The latest leak of documents known as the ‘Paradise Papers’ provide important details about how the world’s largest corporations are evading taxes through a variety of tricks and keep their earnings from being taxed. Economist and investigative reporter James S Henry explains
Responding to the 11.5 million documents leaked this week showing how a Panama law firm helped some of the world’s wealthiest people establish offshore tax havens on the Central American country – the so-called Panama Papers – Bernie Sanders on Tuesday vowed to end the Panama Free Trade Agreement, tying Hillary Clinton to the same policies that he claimed fostered the practice.
“The Panama Free Trade Agreement put a stamp of approval on Panama, a world leader when it comes to allowing the wealthy and the powerful to avoid taxes,” the Vermont senator said in a statement released through his campaign, adding that he has been opposed to it “from day one.”
Vowing to use his authority as president to “terminate the Panama Free Trade Agreement within six months,” Sanders said his administration would “conduct an immediate investigation into U.S. banks, corporations and wealthy individuals who have been stashing their cash in Panama to avoid taxes.”
“If any of them have violated U.S. law, my administration will prosecute them to the fullest extent of the law,” he stated.
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