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The Pandora Papers: How the Mega-Rich Have Been Getting Out of Paying Taxes | The Daily Show - YouTube
Channel: The Daily Show with Trevor Noah
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taxes you know it's the cut the
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government takes for being a good pimp
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just like normal people the world's mega
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rich and powerful do not enjoy paying
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taxes but unlike normal people the mega
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rich and powerful can do something about
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it
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and now a huge leak of private documents
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is revealing
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just how good at it they actually are
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the pandora papers a massive
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investigation of millions of leaked
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documents from offshore bank accounts
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detailing how some of the world's
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wealthy from world leader to celebrities
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hide their assets from authorities and
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tax collectors it's a bombshell report
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based on the biggest leak of offshore
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banking data in history an international
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collection of journalists scouring a
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trove of 11.9 million documents leaked
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from 14 firms around the world they
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claim these files dubbed the pandora
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papers blow the lid off the secrets the
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wealthy used to their advantage these
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are the private communications in many
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cases between
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elite wealthy individuals and their
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financial managers and the offshore
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companies that set them up with shell
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companies and trusts to help them hide
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their money
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wait what
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the rich and powerful have been hiding
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their wealth in offshore havens to avoid
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paying taxes i am disgusted
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and extremely jealous because i'm out
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here on turbo tax adding up line 9 with
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line 37 like a when it turns out i
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could have just sent my salary to some
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island now look man on one level it
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isn't surprising that rich people avoid
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paying taxes i mean these are the
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world's elites for them lives like
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waffle house after 2 am there are no
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rules but it's still eye opening to see
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just what lengths they go to to hide
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their wealth
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you know they've got offshore tax havens
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they've got dummy corporations teams of
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accountants i mean call me old-fashioned
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but whatever happened to just putting
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your money in a big treasure chest and
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burying it in the sand let's get back to
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basics people and look obviously when
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you hear that a list of super wealthy
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tax cheats has been leaked
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the first question you have is
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how can we restructure our global tax
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systems to help mitigate a well no i'm
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kidding man the first question we have
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is who's on that list spill the tea the
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investigation names more than 130 people
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listed on the forbes billionaires list
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a-listers like colombian pop star
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shakira and more than 330 current and
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former public officials from around the
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world some high-profile names involved
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include jordan's king abdullah former uk
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prime minister tony blair vladimir putin
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elton john even on the list and the
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alleged mistress of vladimir putin the
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president of russia said to be from a
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humble background that lana krivanagik
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reportedly acquired an apartment
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building in monaco worth over 4 million
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dollars just after allegedly giving
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birth to putin's daughter now a teenager
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who russian investigative sites report
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strongly resembles putin okay i don't
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know if we really needed financial
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documents to confirm
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that this girl is putin's daughter since
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we have you know uh eyes
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and i get all these other people hiding
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their money but why is putin hiding his
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cash who's gonna go after him
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i doubt that anyone at the russian irs
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is willing to take on that case
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comrades it appears vladimir putin has
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not paid his taxes
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but really what is tax huh
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can it be only paid in money because he
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has paid so much more in spirit we agree
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yeah
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now i will say the shakira thing
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surprised a lot of people
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because all this time
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we were worried about shakira's hips
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lying when we should have been focused
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on her accountants
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but before you're quick to judge before
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you're quick to judge people like elton
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john and shakira for not paying their
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taxes ask yourself this question when
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was the last time any of us
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paid for music
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so basically the mega rich around the
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world have been creating fake companies
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to hide their money in various countries
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not surprising what is surprising though
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is which countries are on the list
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according to the documents many of the
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bank accounts used were registered in
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well-known offshore havens the british
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virgin islands hong kong and belize but
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the report claims that massive fortunes
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are also sheltered by trust companies
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based right here in the u.s in states
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like south dakota south dakota's privacy
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and asset protection laws have made it a
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favorite of chinese billionaires russian
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oligarchs and americans looking to hide
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their fortunes
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south dakota trusts now hold more than
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370 billion dollars in assets that's up
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from 60 billion a decade ago south
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dakota is the main reason that the u.s
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is now ranked second behind the cayman
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islands on the tax justice network's
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financial secrecy index
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yeah south dakota surprising right
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i mean not for me
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i kind of figured there was too much
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money floating around south dakota on my
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last visit there
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but yes thanks to its laws that are
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super friendly to hidden wealth south
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dakota is apparently a great place to
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avoid taxes
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i mean of course the downside is that
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when you withdraw your money it will
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have covet but
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downsides to everything in life
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and what's interesting is that even
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though south dakota plays such a big
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part in this tax avoidance scheme the
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billionaires closest to south dakota
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well
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they don't seem to be participating in
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it one of the big questions coming out
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of it already is how come there are not
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more american billionaires and
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multi-billionaires on the list one
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distressing theory is well those guys
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already pay so little in u.s taxes under
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u.s law they don't need to ship it
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offshore
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usa
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usa
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not having a tax haven problem because
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your tax laws are already so easy on
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wealthy people that my friends is rock
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and roll
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i mean it almost makes me feel bad for
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american billionaires though because
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hiding the money is part of the fun you
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know it's like trying to rob a bank but
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they just give you the cash when you
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walk in it's not the same this is a
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stick up hand over the money oh no need
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sir here's all the money oh okay but i'm
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still gonna pistol-whip you oh yes of
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course right here on the chin or the
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head oh you're too into it i don't want
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to do this anymore
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i'll just make a deposit but whether
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they're hiding money in shell companies
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or just following the u.s tax code it's
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never been clearer that unlike everyone
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else wealthy people from all around the
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world they just ain't paying in
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taxes
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and that can be upsetting to some
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but if you ask me
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i find it inspiring
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because it shows that no matter how rich
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you get
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no matter how high up you rise
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nothing has to stop you
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from being greedy as
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[Music]
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you
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