Biggest tax haven in U.S.? South Dakota, says Pandora Papers investigation

[AZProgressive]

Mention tax havens, and most people imagine small nations with balmy weather.

But South Dakota and a handful of other U.S. states are providing growing competition for places like the Bahamas, the Cayman Islands and Malta, as landing pads for global capital hidden from creditors, tax collectors and law enforcement, according to an investigation published by the International Consortium of Investigative Journalists.

The sparsely populated state best known as the home of Mount Rushmore, now houses $360 billion in trusts, the ICIJ reported — an amount that has quadrupled over the past decade. One local company, the South Dakota Trust Company, has international clients from 54 nations. Another, Trident Trust, speaks of the "South Dakota Advantage."

ICIJ's investigation, which relied on millions of leaked confidential documents, identified 201 trusts in the U.S., many of them linked to foreign funds. Eighty-one of those trusts were based in South Dakota, with Nevada, Florida and Texas also housing substantial numbers of trusts.

https://www.cbsnews.com/news/pandora-papers-tax-haven-south-dakota/

[empedocles]

1. Keep this coming

[brewens]

2. This is exactly why I wanted Warren to run on a world wide war on white collar crime. At least

have that be a big part of hers, or any other candidates campaign. People don't realize the extent of the looting world wide, and we're no doubt among the worst. And it had to have ramped up under TFG. He takes over after having publicly complained about the Foreign Corrupt Practices act. WTF did people think was gonna happen? They thought they were covered no matter what if he stayed in office.

We now have assholes looting their countries, then using their ill gotten gains to buy up shit over here. That screws us double. How many of the refugees may be in the fix they're in because of this crap? More than just a few.

[blm]

3. Excellent point.