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Just as Congress begins debate on the Republicans’ “Tax Cut and Jobs Act,” new revelations have emerged about how wealthy elites around the world hide their wealth. The “Paradise Papers” — the result of a leak from the Bermuda-based law firm Appleby — shines additional light onto the shadowy world of hidden wealth and tax dodging. Efforts to reform the U.S. tax system are fundamentally undermined by a global tax-avoidance system that allows individuals and corporations to shift trillions to offshore havens to escape taxation, accountability, and publicity. The Paradise Papers, alongside the “Panama Papers” released in April 2016, provide another set of disclosures into a system full of titillating details about how high-ranking global officials have created their own system of rules. The Bermuda leaks disclose the role of high-ranking Trump administration members, including Commerce Secretary Wilbur Ross and White House economic adv isor Gary Cohn, in using offshore tax havens. National groups and political leaders, including Democratic House Leader Nancy Pelosi, are calling for a slowdown of Republican efforts to push through their tax bill to address these abuses. Oxfam America and the Financial Accountability and Corporate Transparency (FACT) Coalition have called on Congress to hold hearings on the findings and a debate over how to best remedy them. Tax Justice Network international has called on the United Nations to convene a global summit to address tax haven abuse. -more-
By Chuck Collins for Inequality Popular Resistance November 8, 2017
Moyers writes: “Back in the 1930s a scholarly intramural feud to choose the inscription for the new library at my future alma mater, the University of Texas at Austin, ended in a draw. From many nominations the competition came down to two finalists. Both said the same thing in different tongues: ‘Ye Shall Know The Truth and the Truth Shall Make You Free,’ from the biblical Gospel of John, and its Latin counterpart: ‘Cognoscetis Ventatem et veritas liberabit vos.'” READ MORE
Bill Moyers, Moyers & Company Reader Supported News October 28, 2017
Democrats have little ability to protest Trump’s pick to run the IRS, despite his absurdly disqualifying backstory.
Lee Fang, Ryan Grim The Intercept October 27, 2017
Members of the Democratic Socialists of America attended a town hall to persuade Rep. Don Beyer, D-Va., to co-sponsor a single-payer health care bill.
Zaid Jilani The Intercept October 25, 2017