- In 2011, Bernie Sanders spoke forcefully against a free trade agreement with Panama because Panama operates as a tax haven with secret bank accounts.
- True-Sanders did speak forcefully against the PFTA.
- True-Panama does have low corporate tax rates, tax havens and banking secrecy.
- This is an effective propaganda poster (video) because it is topical, makes good use of facts (not false assertions or logical fallacies), and is conveyed simply and directly. It is also unusual for a propaganda message like this to contain what is effectively data, rather than pure emotional content, although the end result is similar in terms of the target being emotionally jolted to take action.
- The poster is also effective because of timeliness immediately after widely publicized news reports about tax havens based in Panama. In a way, the news reports could be viewed as “pre-propaganda” which is messaging that prepares a target for propaganda directing one to take action. A conspiracy theorist might say the news reports were pre-propaganda timed to assist the Sanders campaign by reinforcing his policy perspectives.
The Panama Free Trade Agreement reduced tariffs (like taxes) on goods imported from the U.S. into Panama. This would be considered good for U.S. businesses and U.S.-based employers as it likely expanded their market (albeit, Panama is a small country and a small market). Because Panama has little industrial production, it was unlikely that Panama would undercut U.S. businesses by selling goods to the U.S. consumers. However, what Sanders and others argued is that as part of the trade agreement, the U.S. should have required greater transparency in financial services as Panama was already known as one of the top “go to” countries it he world to set up secret tax shelters.
A Panama corporation can be used by individuals from all over the world who are interested in global asset protection, privacy, investment diversification, tax minimization, affordability and convenience.
Major advantages of Panama Company:
- Exemption from all local taxes, when income received outside of Panama
- Inexpensive annual support
- No requirements of a minimum paid up capital
- Information about shareholders and beneficial owners is not filed with the Public Registry Office and not available to the public
- Any individual and legal entity may become a shareholder
- No foreign exchange control