Planet Money collaborates with Tax Notes to investigate how the wealthiest Americans legally avoid paying taxes. They listen to secret tapes that detail a tax avoidance strategy born in Malta. The episode traces the loophole's creation, growth, and a federal crackdown, only for the tax planning industry to revive it with help from a high-ranking Trump administration official. It's a look inside the grey area between legal avoidance and criminal evasion.
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Highlights
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The Grey Line Between Tax Avoidance and Tax Evasion
The distinction between legal tax reduction and illegal evasion is often blurry, especially for the ultra-rich.
A specific tax avoidance strategy was born in Malta, grew as wealthy clients adopted it, faced a federal crackdown, and was then revived with industry lobbying.