How Wyoming Became a Top Tax Haven With Its 'Cowboy Cocktail'

The Cowboy State has become one of the world's top tax havens, according to the Pandora Papers, a trove of more than 11.9 million documents obtained by the International Consortium of Investigative Journalists and The Washington Post. The papers reveal, among other things, how ultra-wealthy people from around the world move money into the U.S., invest, and spend it under a shroud of secrecy. Allison Tait, University of Richmond law professor, joined Cheddar to talk about Wyoming's laidback tax laws, their impact on the nation's economy, and provided some details on the financial arrangement known as the "cowboy cocktail."