Bernie Sanders Money Quote saying the wealthy and big companies are able to escape taxes by hiding their money offshore in Panama. Bernie Sanders said in 2011:
“Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade U.S. taxes by stashing their cash in offshore tax havens. The Panama free trade agreement would make this bad situation much worse” — Bernie Sanders
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Bernie Sanders suggests that Panama is a haven for wealthy Americans and large corporations to avoid paying taxes in the United States by storing their money in offshore accounts. Sanders argues that the Panama free trade agreement would only make this situation worse.
- Reduced government revenue: When wealthy individuals and corporations don’t pay taxes, the government misses out on revenue that could be used for important public services and programs.
- Increased tax burden on the middle class: As the wealthy avoid paying taxes, the burden of taxation falls on the middle class, which can lead to increased taxes for them.
- Unfair distribution of wealth: Tax evasion by the wealthy can contribute to an unfair distribution of wealth, as they accumulate more wealth while the middle class and poor bear a greater tax burden.
- Loss of trust in government: When wealthy individuals and corporations are allowed to evade taxes, it can erode trust in government and create a perception of a rigged system.