Forget the Pandora Papers. The Real Problem is US Tax Law.

We are playing a rigged game.

Photo by kat wilcox from Pexels

Photo by kat wilcox from Pexels

One of the biggest stories this week is the release of the Pandora Papers, a veritable treasure trove of information about the “shadow financial world” of the rich and famous.

The release is full of juicy tidbits about world leaders and their sordid financial affairs, attempting to hide trillions of dollars in offshore accounts and shell companies.

Behind the headlines and inevitable denials of wrongdoing, the main takeaway is that enforcement of existing tax law would reap billions in funding for governments around the world.

But let’s take that one step further.

After enforcement, a revamping of tax law is necessary.

What Are the Pandora Papers?

It’s no secret that people try to avoid taxes whenever possible. From hiding off-the-books cash-only income to claiming outrageous items on tax returns, dodging taxes is almost as American as baseball and apple pie.

But all that tax dodging has to create some type of paper trail, digital or physical, which is exactly what the Pandora Papers uncovered. Almost 12 million documents detail the scheme and…