Biggest tax haven in U.S.? South Dakota, says Pandora Papers investigation
CBSN
Mention tax havens, and most people imagine small nations with balmy weather: The Bahamas, the Cayman Islands, Malta.
But South Dakota and a handful of other U.S. states are increasingly competing as landing pads for global capital hidden from creditors, tax collectors and law enforcement, according to an investigation published by the International Consortium of Investigative Journalists.
The sparsely populated state best known as the home of Mount Rushmore now houses $360 billion in trusts, the ICIJ reported — an amount that has quadrupled in the past decade. One local company, the South Dakota Trust Company, has international clients from 54 nations. Another, Trident Trust, speaks of the "South Dakota Advantage."
A large explosion at a Valero oil refinery near the Texas Gulf coast Monday shot plumes of smoke into the air and forced some nearby residents to shelter in place. In:
The Defense Department said Monday it will remove media outlets' office spaces from the Pentagon after a federal judge sided with The New York Times in a lawsuit challenging limits on reporters' access to the building. In:
Washington — The Senate confirmed Markwayne Mullin as secretary of the Department of Homeland Security on Monday, finalizing President Trump's shakeup of DHS following months of scrutiny of Kristi Noem's leadership.
A civil jury in California found Monday that Bill Cosby was liable for drugging and sexually assaulting a woman in 1972 and awarded her $19.25 million. In:
With nearly 40% of TSA employees at George Bush Intercontinental Airport calling out as the partial government shutdown drags into a sixth week, Houston has a problem. In:
House Republicans announced Monday that Congress will mount an investigation into "rampant hospice fraud," alleging that potentially tens of millions in taxpayer funds may have been lost in improper payments to Southern California companies. In:
Polymarket is moving to quash insider trading as prediction markets face scrutiny over whether some users draw on classified or other closely held information to gain an edge in betting on events. Edited by Alain Sherter In:
Washington — Senate talks aimed at ending the 38-day shutdown of the Department of Homeland Security hit a new roadblock on Monday after President Trump called on Republicans to hold out for passage of an elections bill that Democrats strongly oppose. Nikole Killion contributed to this report.
Pope Leo XIV put the Rev. Edward Joseph Flanagan a step closer to possible sainthood Monday as he proclaimed the "heroic virtues" of the founder of Boys Town, a Nebraska home for at-risk youths that gained national renown and inspired an Oscar-winning biopic performance. In:
Washington — Amid Trump administration demands for Tehran to keep the free flow of commerce in the Strait of Hormuz, U.S. officials have told CBS News that there are at least a dozen underwater mines through the vital passageway, according to current American intelligence assessments. Arden Farhi, Kathryn Watson, Caroline Linton, Aimee Picchi and Layla Ferris contributed to this report.
Elon Musk, famously a man with big ideas, is building a semiconductor plant vast enough to power those ambitions. Edited by Alain Sherter In:
The Justice Department has quietly gutted a more than 60-year-old program created to ensure that low-income and indigent immigrants can receive competent and affordable legal representation, multiple sources with direct knowledge of the matter tell CBS News. In:
Kyiv — The White House wants Congress to provide at least $200 billion more in funding for the war in Iran, and President Trump says that's partly due to aid for Ukraine having depleted U.S. weapons stockpiles as it fends off Russia's ongoing full-scale invasion. In: