As Americans brace to file taxes, leaked documents show how the rich and famous dodge theirs.
The Panama Papers revealed how the wealthy move their money around. Meanwhile, the Obama administration is trying to keep corporations from avoiding taxes, too. Obama said “tax avoidance is a big, global problem.” He also added, “A lot of this stuff is legal, not illegal.”
Meanwhile, the federal income tax filing deadline looms a week from today for most of the nation. Tax Day is April 18 this year because of a little-known holiday called Emancipation Day. (Taxes are due April 19 in Maine and Massachusetts).
Elsewhere this week, we’ll be watching reports on March retail sales and inflation while the Federal Reserve releases its regional economic roundup, dubbed the “Beige Book.” That sets the stage for the Fed’s meeting on interest rates later this month. We don’t expect a rate hike coming out of the April Fed meeting. Despite all the concern about rising rates, by the way, mortgage rates last week sunk to the lowest level in almost 3 years.