Cambridge Analytica-Facebook, Mossack Fonseca’s Panama Papers, Saudi Arabia’s corruption crackdown, and the lesser known, but equally telling Paradise Papers, all have one thing in common – the exposure of a global system rigged against the 99.999 percent of us little people. In case you missed these exposures, all occurring in the past 12 months, private palaces like the 100,000-square-foot The One, currently under construction in Los Angeles, unashamedly remind us.
Here in Dallas, you may be remembering the award-winning columns I wrote in 2016 about how real estate non-disclosure enables the wealthy to unequally obscure the true value of their homes. I noted that the top 10 most expensive homes for sale at the time were valued by DCAD at $82 million less than their asking prices. This discrepancy cheated Dallas out of some $1,904,080 in taxes a year … based on just 10 homes.
Tip of the iceberg stuff was that.