In 2014, a source whose identity remains unknown got in touch with reporter Bastian Obermayer of German paper Suddeutsche Zeitung. But some of these maneuvers were a bit like Hunter Biden’s Ukraine gig: Legal, but morally dubious and not exactly the sort of thing that leaves you smelling like a rose when it’s printed in the newspaper. Much of what the Panama Papers uncovered was technically perfectly legal. The leaked files were documents from one of the world’s biggest offshore law firms, Panama-based Mossack Fonseca, which specialized in creating shell companies, making it harder for the asset holders’ governments to tax them or figure out any less-than-kosher goings on. around a fifth of its total corporate tax revenue, around $70 billion a year. And it’s money that, if taxed, could be used to improve the lives of millions-tax havens cost the U.S. And it wasn’t that the country was too busy to check its shelf of piggy banks: It, like nations including Luxembourg, the Bahamas, and Switzerland, is a well-known tax haven, a country that charges foreign companies very low or no taxes and offers little financial oversight, thereby becoming a destination for global wealth that would otherwise attract scrutiny or be more heavily taxed in its home countries. Fat Bobby's parents put him on a diet, and didn't want them to figure out when he was buying candy. Michael was stealing money from his mom's purse. Jacob was stealing people's lunch money and didn't want his parents to figure it out. But many kids did do it for a bad reason. Sammy just did it because he thought it was fun. Timmy wanted to save up to buy his mom a birthday present without her knowing. Eric's older brother always steals from his piggy bank, so he just wanted a better hiding spot. Now not everyone did this for a bad reason. She gets very mad and calls everyone's parents to let them know. One day, Johnny's mom comes home and sees all the piggy banks.
Laundry mat full#
Now Johnny's closet is full of piggy banks from everyone in the neighborhood. Now all the kids in the neighborhood think this is a good idea, and everyone goes to Johnny's house with extra piggy banks. So you can keep yours there and it will stay a secret. Johnny's mom is always very busy, so she never has time to check on his piggy bank. You write your name on it and put it in his closet.
Now one day, you might decide "I don't want mom to look at my money." So you go over to Johnny's house with an extra piggy bank that you're going to keep in his room. Your mom knows this and she checks on it every once in a while, so she knows when you put more money in or spend it.
The piggy bank is on a shelf in your closet. Here’s how Dan put it: When you get a quarter you put it in the piggy bank. Back in 2016, Reddit user DanGliesack (say the username fast to hear the middle-school pun) described the ways these tax havens work with an analogy so useful that it was covered by Vox and The Guardian. The Panama Papers shed light on secret assets held by the wealthy and powerful in offshore shell companies. How Bruce Lee Was Accused of Killing Sharon Tate.The Best Movies Based on True Stories in 2019.
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