Those Tax 'Loopholes' Were Created for a Reason

Intuition tells us that avoiding taxes is wrong. But gut feelings aren't always right.

Keeping it simple.

Photographer: Daniel Acker/Bloomberg

Last week I pointed out that the U.S. had fared pretty well from the leak of the Panama Papers. There are Americans named who hold offshore accounts, to be sure, but so far, they seem to be random people with a bit of money, not a Who’s Who of our richest and most powerful citizens. There are other countries that wish they could say the same right now.

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