The Tax Times: Sen. Bernie Sanders Call For Senate Investigation of the Offshore Paradise Papers Leak

Wednesday, November 15, 2017

Sen. Bernie Sanders Call For Senate Investigation of the Offshore Paradise Papers Leak

We had previously posted on October 30, 2017 Another Offshore Law Firm Gets Hacked! where we discussed that Appleby, an Offshore Law Firm/Corporate Agent's Recent Data Breach is yet Another Example of How the IRS Can Discover your Unreported Foreign Account and how the Super-rich clients of offshore law firm Appleby are bracing themselves for the exposure of their financial secrets, after the firm admitted data had been stolen in a cyber attack last year. Today we posted More Then 31,000 US Taxpayers Exposed in Paradise Papers! which discusses that the International Consortium of Investigative Journalists (ICIJ) has issued the Paradise Papers which is a global investigation into Appleby's the files and which reveals information regarding more then 31,000 US Taxpayer' s offshore structures!

Now Sen. Bernie Sanders (I-VT) called for the U.S. Senate to investigate offshore tax evasion following the revelations of the Paradise Papers, adding to the growing voices in Congress who have called for government to take action to address the investigation’s findings.

In a letter to Senate Budget Committee chair Mike Enzi (R-WY), Sanders called on the budget committee to launch a bipartisan investigation to determine how much the use of offshore havens has contributed to the U.S. national debt.

“The Paradise Papers reveal how corporations, billionaires and senior officials in the Trump Administration use complicated financial maneuvers to hide their income from the Internal Revenue Services,” Sanders wrote. “The Budget Committee has a responsibility to U.S. taxpayers to get to the bottom of this serious issue.”

Sanders joins Senate Minority Leader Charles Schumer (D-NY) and several other members of Congress who have called for further examination of Paradise Papers revelations and their implications for a tax bill recently proposed by Republicans that would significantly reduce corporate taxes.

“These documents pull back the curtain on a complex shell game, where corporations’ staggering profits disappear offshore and rematerialize when the time is right and the tax liability is the lowest,” said Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX), as they called on Congress to reexamine the Stop Tax Haven Abuse Act

they introduced in April.

“Middle-class American families can’t set up their own Grand Cayman subsidiaries. Instead, they’re left paying a bigger share of taxes than they should.”

Marini & Associates, PA has assisted several hundred clients with coming into U.S. tax compliance and avoiding the draconian penalties that the IRS may impose on U.S. persons with undisclosed foreign accounts.