Congressman Horsford Examines Tax Avoidance by Ultra-Wealthy during House Ways and Means Oversight Subcommittee Hearing

WASHINGTON, D.C. — Today, Congressman Steven Horsford (D-NV-04) joined his colleagues on the House Ways and Means Oversight Subcommittee to examine the findings of the so-called Pandora Papers — 11.9 million leaked documents published by the International Consortium of Independent Journalists that exposed the hidden wealth of billionaires, politicians, and public officials in 91 countries.

"Like many of my colleagues, I was appalled by the Pandora Papers' findings that the United States was one of the global hubs of international tax evasion," said Congressman Steven Horsford. "It is ridiculous that the tax code allows the ultra-wealthy to legally dodge their tax obligations. My constituents in Nevada's Fourth District work hard, and they deserve a tax system that requires every American to pay their fair share. I appreciate the expert testimony of today's witnesses and I look forward to working together to prevent dangerous tax havens."

The hearing witnesses included Beverly I. Moran, who serves as a professor of law, emerita at Vanderbilt Law School, Daniel Hemel, who serves as a professor at University of Chicago Law School, Erica Hanichak, who serves as the government affairs director for the Financial Accountability and Corporate Transparency (FACT) Coalition, and David R. Burton, who serves as a senior fellow at The Heritage Foundation.

During the hearing, Congressman Horsford asked Professor Moran about how the federal government can limit state tax havens. Professor Moran emphasized the need to discourage states from competing against each other to offer tax incentives. Congressman Horsford also asked Ms. Hanichak about the most effective way to regulate anonymous legal entities that facilitate tax evasion schemes. Ms. Hanichak responded that the federal government must develop a better understanding about who owns the complicated financial instruments that are used to shelter wealth. For a video of Congressman Horsford's statement and questions, click here.

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