Paradise & Panama Papers are costing us...

Unless you fell into a deep coma on May 5, 2016 and just woke up today, you have heard about both the Panama and Paradise Papers scandals, uncovered by the International Consortium of Investigative Journalists (ICIJ) and showing us how tax evasion and so-called tax avoidance are standard business practice all around the world.

Our complex, yet poorly regulated tax system allow multinational companies and wealthy folks to hire their fortunes in offshore paradises, in an effort to skip paying taxes in their own countries. The obvious losers are taxpayers like you and me.

As they stash about $700 billion every year into tax heavens, the ultra-rich and the large corporations are dodging the tax-man in the countries where they do business and earn their money. The United State Government alone lost $111 billion in 2016 because of these schemes.

These maneuvers deprive governments of the resources needed to provide vital public services and infrastructure like transportation, health-care and education among others, which means either cutbacks, runaway deficit or increased taxation.

The current government says that corporate taxes are too high; well, they counted for one-third of our Federal expenditures in 1952 and a measly 10% in 2015. So don't tell me that there's a need to cut corporate taxes when what is required is some vigorous legislation banishing the use of tax-haven for multinationals and super wealthy individuals.

By just doing this, we get more than $1 trillion in extra tax revenue over 10 years. Before re-doing the entire plumbing, take care of the leaks! Another good reason to call your Representative and your Senators today...