Obama Calls for International Tax Reform Amid Panama Papers Revelations

Governments struggle to provide basic services as wealthiest citizens find ways, legal and illegal, to evade taxes. The release of more than 11 million files, known as the Panama Papers, from the law firm Mossack Fonseca detail methods for reducing taxes: shell companies, minimal disclosure requirements, property investments, trust funds and outright fraud. Repercussions of the massive leak are many: The US and other nations are opening investigations on banks and advisors who aided corporations, politicians and others to shield wealth. Iceland’s prime minister has stepped down after forceful protests. Obama blasted tax evasion for reducing government revenue and putting more pressure on the middle class and poor: “it means that we’re not investing as much as we should in schools; in making college more affordable; in putting people back to work rebuilding our roads, our bridges, our infrastructure, creating more opportunities for our children.” – YaleGlobal