Panama Papers and Income Equality
The recently leaked Panama Papers has stirred up much controversy in showing how many of America’s wealthy elite are skimping on taxes. Through various loopholes having to do with the convoluted mess that is the financial system and offshore accounts, these people are able to keep their assets and money out of reach of our tax system. Many who have read this leaked document have come to the conclusion that with all the missed tax opportunities we would be able to instate a Universal Base Income for every citizen of America to the tune of $10,000 per year. Simply put, this is a pipe dream, there is not nearly enough in missed taxes to make this goal feasible especially when you take in to account that many of these assets are being hidden from other countries outside of just the U.S. meaning that America is not the only country missing tax revenue here. For more information visit this article by Tim Worstall with Forbes.