Former Tax Lobbyists Are Writing the Rules on Tax Dodging
Key Excerpts from Article on Website of The Intercept
Posted: May 2nd, 2016
The secret tax-dodging strategies of the global elite in China, Russia, Brazil, the U.K., and beyond were exposed in speculator fashion by the recent Panama Papers investigation, fueling a worldwide demand for a crackdown on tax avoidance. But there is little appetite in Congress for taking on powerful tax dodgers in the U.S., where the practice has become commonplace ... especially given that some of the largest companies paying little to no federal taxes are among the biggest campaign contributors in the country. But theres another reason to remain skeptical that Congress will move aggressively on tax avoidance: Former tax lobbyists now run the tax-writing committees. Many have stints in and out of government and the lobbying profession, a phenomenon known as the reverse revolving door. In other words, the lobbyists that help special interest groups and wealthy individuals minimize their tax bills are not only everywhere on K Street, theyre literally managing the bodies that create tax law. Barbara Angus, the chief tax counsel of the House Ways and Means Committee ... previously helped lobby lawmakers on tax policy on behalf of clients such as General Electric, HSBC, and Microsoft. Mike Evans became chief counsel for the Senate Finance Committee in 2014 after leaving his job as a lobbyist for ... JP Morgan, Peabody Energy, Brown-Forman, BNSF Railway, and other corporate clients. Verizon, Boeing, and General Electric, to name a few, paid no federal income taxes in recent years.
Note: The US ranks third in the world in financial secrecy. A 2015 Guardian newspaper article further describes how the US helps the super-rich hide assets. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the financial industry.