Ultra Wealthy Use South Dakota To Put Their Money Beyond Reach.
Newly surfaced ‘Pandora Papers’ details how the World’s elite shield assets beyond reach. (Washington Post)
“The U.S. government has long condemned prominent offshore financial centers, where liberal rules and guarantees of discretion have drawn oligarchs, business tycoons and politicians.
But a burgeoning American trust industry is increasingly sheltering the assets of international millionaires and billionaires by promising levels of protection and secrecy that rival or surpass those offered in overseas tax havens. That shield, which is near-absolute, has insulated the industry from meaningful oversight and allowed it to forge new footholds in U.S. states.”
The money that is placed in these trusts courtesy of South Dakota and other municipalities effectively drains funds from not only America for other other nations that desperately need the tax money. The World’s wealthy continue to amass fortunes larger than the Gilded Age money hoards and these tax shelters are being developed to ensure the ultra elite keep their money out of the hands of taxing authorities. The trend of wealth amassing by the very few continues to head in the wrong direction.
