jerryc41 Loc: Catskill Mts of NY

Unlike most people around the world, Americans aren't very concerned about the Panama Papers. That could change as more information becomes available, and American tax avoiders are revealed. The practice of hiding money in offshore accounts isn't illegal because that's the way the politicians wrote the laws. It's all right not to pay your taxes if you hide the money legally.

No one likes paying taxes, but when your income, legal or not, is in the millions, you still have a fortune left after paying taxes.

http://mashable.com/2016/04/10/panama-papers-mashable-explains/#l4XhhwvRxaqh

exakta56 Loc: Orford,New Hampshire

Rich, special interest groups have invaded and conquered our Congress. Banking laws completely favor the money lenders. The highest income citizens of our country do not pay their fair share in taxes. Taxes are needed to pay for the services, protection and well-being of us. These people have batteries of lawyers whose only task is find loop-holes in the laws and create them where there are none. Your standard of living has been in decline since the early Seventies. We give the oil giants special compensation because their product falls under the clever term 'depletion allowance'.
Dear reader, you are victim of an elaborate array of laws which do not benefit you.They benefit big business and now that we have a global economy which seeks out the unfortunate, underfed, and especially underpaid to do the work for pennies that our country's workers did for a decent wage, our hopes for improvement are at risk. Medical costs have doubled in less that a decade, making health care even less available to the swelling ranks of those whose incomes are being diminished or worse.
If you have read this far, I apologize for this rant. If you would positively add to it so that a better understanding might be gained , go for it. Thanks.

Bunko.T Loc: Western Australia.

I agree with what you say.
However, when I have seen so many comments here, from folks who are so opposed to welfare for the unemployed or unfortunate, I'm appalled by the meaness & greed in people's psyche.
It is the same greed that flourishes in this expose of tax dodging amongst the very wealthy.
As for understanding it better, those involved in it, don't want the world to understand what they're doing from fear that it may be curtailed, to their financial detriment.
They have exploited the labour to make their minions & even conspired to erode their modest income. Is it any wonder the anger at the inequity between rich & poor.

exakta56 Loc: Orford,New Hampshire

Thanks Bunko.T. Your's is the kind of input which allows for a better understanding of our situation.

Bunko.T Loc: Western Australia.

It's the curse of the mix of capitalism, greed, democracy & weakness of leadership, that put the whole joy of democracy in the western world into moral decline.
Unfortunately, the alternatives are no better.
If everyone did a fair days work for a fair days pay, & we all paid our fair share of taxes, the the standard of living would be much better or most.
We have a high standard but it has to be paid for & that's what taxes are for.
Governments never seem to have enough.

warrior Loc: Paso Robles CA

IRS put on tax return. "Do you have Off shore accounts"? If answered "NO" and the IRS finds out you do. What then!?

warrior Loc: Paso Robles CA

As Bernie says " The top 1%".

jerryc41 Loc: Catskill Mts of NY

They're not illegal. You just don't pay taxes on the millions you have stashed away on a little island.

Checkmate Loc: Southern California

Ranting. Yes. Wrong? Yes. When you say that the rich don't pay their fair share, the top 1% pay about 38% of the personal income taxes and the bottom 90% paid 30%. The bottom 11% paid just 3%. The bottom 50% paid just 3.3% of their income in taxes. 'Loop holes' have disappeared years ago.

exakta56 Loc: Orford,New Hampshire

Jerryc41 said it all.
Furthermore, 30% of $50,000 is a hell of a lot more invasive than 38% of some fat cat 'making' $5 million.
Put another way, a way perhaps outside of numbers and more in to the world of justice, Warren Buffet admitted to paying less in taxes than his secretary. I suspect that he was talking about the amount in dollars, not in percentages.
Your numbers may be spot on, I am not a CPA and would not challenge them.
Your numbers may be the only thing that can be justified, but certainly not justifiable.