Topic: Shell Corporations

During a speech, President Biden claimed to understand big business because Delaware has more corporations than "every other nation in the state combined." The hosts interpret this as a reference to Delaware's status as a corporate tax haven and a hub for shell companies, despite Biden's confusing phrasing.

President Obama addressed the Panama Papers by emphasizing that much of the tax avoidance depicted is actually legal under current law. The hosts review an infographic detailing legitimate and illegitimate uses for shell corporations, ranging from protecting trade secrets to hiding assets during divorces.