The Pandora Papers were released just last week and they are already having in impact in Canada. The non-profit Canadians for Tax Fairness is pushing the recently elected politicians to get on closing loopholes and exploits that only the rich get to use. All parties support tax reform to address the growing wealth divide in the country, and with the Pandora leak the need for tax reform is clear. Two Canadian celebrity athletes were exposed in the financial papers leak, which has hurt their reputations.
Support for tax fairness in Canada appears overwhelming. Eighty-nine per cent of Canadians want to see a wealth tax of one per cent paid by the richest Canadians as part of the countryâ€™spandemicrecovery, according to a recentAbacus Data pollbased on the NDPâ€™s 2021 platform, and 92 per cent support closing tax loopholes and making it harder for corporations to strategically book profits in tax havens.
â€œThere seems to be universal acknowledgment across the parties that economic inequality is a problem, and it’s a problem that requires government action,â€ said Cochrane.
In ablog postfor C4TF, Cochrane outlined policies the major parties could work together on, based on similarities between party platforms, and identified an excess profits tax as one possibility.
Yesterday the Pandora Papers were released to the public by a team of investigative journalists. It exposed how 35 world leaders and 300 other public officials used complex financial arrangements to not pay taxes and avoid potential corruption charges. While the rest of us get in trouble for not paying taxes, the elite continue to eschew taxes by using offshore accounts and a constant movement of money only the wealthy can afford.
It’s important to expose this behaviour of the rich to show they aren’t above the law nor can the mooch off the rest of us by using services our taxes provide while not paying their share. What’s more, it’s the elite who contribute the most to climate change yet they hog all the money to solve the issue.
Let’s keep looking into their financial management.
Much like the Panama Papers leak in 2016 or the Paradise Papers the following year, the secret files provide a behind-the-scenes glimpse at how certain global elites â€” or in other cases, high-profile criminals â€” take advantage of financial wizardry or opaque corporate structures to either shield assets, wriggle out of their tax obligations, or hide wealth entirely.
“When we published the Panama Papers a few years ago, there was a lot of outcry around the world saying that this was a system that needed to end,” said Gerard Ryle, the ICIJ’s director. “But we’re now seeing the very people who could end the system â€¦ themselves benefiting from it.”