All of us want to minimize our taxes. Recently leaked documents dubbed the Paradise Papers offer insight into the elaborate strategies employed by very wealthy individuals to reduce their tax burden.
Names that have surfaced in the massive data leak released by the International Consortium of Investigative Journalists include Secretary of Commerce Wilbur Ross, George Soros, Penny Pritzker, Madonna and Microsoft co-founder Paul Allen. Also, corporations like Apple.
Samuel Brunson, a professor of tax law at Loyola University Chicago, says these strategies, for the most part, appear to be legal. But there is a risk. “By putting money in these tax havens, by giving a respectable reason for it to be there, you give cover for people who are doing it for less respectable reasons,” he said.
The leak came largely from a Bermuda-based law firm, Appleby, which advises on these strategies. And there is a reason, says Brunson, why some