Registered Investment Adviser Caleb Lawrence
The major averages struggled into the final hour about even. Since Monday the Standard and Poors 500 Index is down 5 points or .2% while the NASDAQ has lost 12 points or .2% as well.
The latest revelation regarding wealthy offshore tax havens designed to allow the sheltering and avoidance of taxes comes from the Paradise Papers. Unlike the Panama Papers that showed a trail of questionable legal and some illegal strategies. The Paradise Papers are exceedingly tame and show a pattern of largely lawful behavior. That said if you don’t have the money to hire a small army of lawyers and accountants then you get to pay taxes with the rest of the 90% or the “little people” as Leona Helmsley infamously quipped prior to her trial for tax evasion. Legal or not the Paradise Papers like OJ Simpsons murder trial demonstrate that if you have the funds you can get away with just about anything. Still that doesn’t make it right as these types of strategies not only exacerbate inequality currently at record high and socially destabilizing levels, but place a greater tax burden on your average American. Greed has been and always will be with us, but when the 10% starts to cannibalize the middle class it strikes at the very heart of what truly made America Great.