FOR IMMEDIATE RELEASE
October 4, 2021

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Pandora Papers Offer Further Proof That Congress Must Focus on Rooting Out Economic Corruption

WASHINGTON, DC — Last night, The Washington Post published a shocking report showing how the world’s wealthiest political and business leaders use offshore accounts to disguise their fortunes and avoid paying taxes. Part of the report highlights the fact that South Dakota is being used as a tax haven for wealthy international oligarchs due to its low tax rates and legal loopholes. According to the Post, “Tens of millions of dollars from outside the United States are now sheltered by trust companies in Sioux Falls, some of it tied to people and companies accused of human rights abuses and other wrongdoing.”

Tax March Board Member Maura Quint made the following statement:

“This report shows exactly why we need to tax the rich and strengthen enforcement of our tax laws. Congress must quickly and dramatically increase funding for IRS enforcement, the budget of which has been slashed over the past decade, and make billionaires pay their fair share by passing the Build Back Better package.

Wealthy elites around the world are using America’s loose tax laws and loopholes to help make themselves richer. They have rigged the system in their favor, and it’s going to take a large, coordinated international effort to rewrite the rules. We can start here at home by raising taxes on big corporations and the ultra-rich, along with closing loopholes and increasing IRS enforcement. But we must also work with our allies around the world to root out corruption everywhere.”