Panama Papers: What They Mean and What the U.S. Could Do With the Money

A reddit user, DanGliesack, recently explained the Panama Papers in a way that breaks it down, but makes it simple to understand. In his analogy, the offshore accounts in question are piggy banks, and everyone wants them hidden in one particular kid’s closet for a variety of different reasons. In the video below, you will see just what the papers mean in simple terms and why it’s such a big deal.

Let’s Put This in Perspective

The Panama Papers have not yet brought U.S. perpetrators to light, but based on what has been found so far, what could the U.S. do with all the money that is being funneled offshore?

  • Help Poor FamiliesWith all the untaxed dollars, the U.S. could essentially form a plan to give families, under a certain financial threshold, a tax break greater than what is offered now – per child. This would be an enormous help to families that are struggling to make ends meet for their family. This extra money would lead to a better way of life for the youth of our country.
  • Feed the PoorLate last year the amount of money put into food stamps was around $45 million. With the money being ushered out of the country, we would easily be able to afford to provide families with the food they need and should have access to. The money used to feed the poor would only be a drop in the bucket on the amount of taxes the U.S. would collect from offshore accounts if they were inline with what we have seen come out of the Panama Papers so far.
  • Add Preschool as a RightFor just about $90 million, the government can instill a group of high-quality preschool programs that would provide a tidal wave of great things down the line. By providing all children with preschool access we would see generations going into the workforce with skills to earn more and in turn making our economy even stronger.
  • Less DebtThe tax that could potentially be collected from these offshore accounts would help to close the deficit we have in our country and put us in a better spot overall. Closing our deficit would free up money to improve various other government programs – in the end helping the quality of life for all americans.
  • No more potholes!With the sudden influx of money to the government, there would be more of it to fix our roads, bridges, and other government funded travel projects. By strengthening our physical infrastructure, the revenue going to the contractors completing the work would further enhance our economy. It’s a win win!