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October 12, 2021

Are tax havens for the rich hurting charities?

  • A dynasty trust helps succeeding generations avoid taxes, but it also removes a major incentive for charitable giving.
    • By HALELUYA HADERO
    AP Business Writer

    A spotlight that has been thrown on how many of the rich and powerful shield their wealth is also intensifying a fear among philanthropy experts: That the tax havens being used by the wealthy will increasingly siphon money away from charitable causes.

    Wealthy Americans have long sought to use charitable contributions to reduce their tax burdens. But the “Pandora Papers” report, issued Sunday by the International Consortium of Investigative Journalists, revealed how world leaders, billionaires and others have stashed trillions of dollars out of the reach of governments by using shell companies and offshore accounts, which are considered legal.


     
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