Governing: Panama Papers Unlikely to Lead to Reforms in Corporation-Friendly States
media mention“The Panama Papers have raised concerns among many here who say it’s hypocritical of the U.S. to complain about its citizens hiding assets from taxation in offshore accounts when some states provide the same service for foreigners. The secrecy these states offer to account holders also brings up questions about whether money is intended for or came from illegal activity. “Drug money, funding terrorism — we know all of these uses exist in shell corporations,” said Matthew Gardner, the executive director of the Institute on Taxation and Economic Policy (ITEP), a nonpartisan think tank that works on state and federal tax policy issues.”