The average person out there may not find it all that surprising that the world’s elite are taking every measure they can to hide their money. In fact, some out there surely think that this is clearly what is happening. They just know it in their gut. Still, it can be highly shocking to hear just what tactics the wealthy are using to hide what they have.
What have become known as “The Paradise Papers” are now shining new light into what exactly goes on with so many of the world’s elite. These are documents collected from two offshore tax havens that were leaked out to the media. The first outlet to get the material and report on it was a German newspaper, but the word has spread far and wide since then. Now, most major media outlets all throughout the world have reported on the story in some form or another.
A few of the things that we have learned from the Paradise Papers are as follows:
- The Queen Of England Has Millions Of Pounds Stored Safely In The Cayman Islands
- Twitter and Facebook Have Received Millions In Backdoor Investments From Russian Financial Institutions
- Nike and Apple Have Used Tax Avoidance Strategies Based On Storing Money In The Caymans
- Billions Of Dollars Worth Of Tax Refunds Generate From The Isle Of Man and Malta
All of these revelations on their own would have made for eye-popping headlines. However, the truth here is that they all came out at the same time. Many public figures were rightly embarrassed by what had happened, and the public got a glimpse into just what the wealthy elite are doing to keep their money away from tax collectors and others.
This information being released now stirs up the anger of the masses that were already primed for frustration with those global elites. It erodes trust in institutions even more than that trust was already eroded, and it makes the sense of income inequality all the greater. It is something that truly has brought many forces together. Many of whom would not ordinarily have been working hand-in-hand.
It is the second biggest leak of this type of data in the history of the world. This leak is only eclipsed by the leak of the Panama Papers back in 2016. Those papers also carried much of the same information that can be found in the Paradise Papers. Basically, they detailed many of the same tax avoidance schemes that can be found here.
Every time one of these leaks comes out, we are reminded once again how some people live above the law, and it is understandable that some people are angered greatly by this.