by Ryan McMaken
Mises.org
Earlier this month, information from a Panamanian law firm was leaked which showed that many wealthy people had set up Panamanian shell companies to hide income and avoid taxes.
Out of 11.5 million leaked documents, only 211 people (.00006% of the US population) with US addresses (not all of them citizens) were implicated by the documents. Nevertheless, American politicians and members of the media seized on the leak as an illustration of how high-income Americans aren’t paying “their fair share.”