Offshore Tax Havens Cost You $1,259 a Year

Category: Taxes and Policy, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “Offshore Tax Havens”

  1. VennData says:

    Another simple fix. Just end Reagan’s IRS Code Section 532 (c) and corporations couldn’t use the loophole he created that has such negative long term effects for our budget, investment, and growth.

    Voting has consequences. Don’t vote for people like Ronald Reagan and you won’t have to deal with this

  2. Conan says:

    Delaware, Den of Thieves?

    In the years I was assigned to Treasury’s Financial Crimes Enforcement Network, or Fincen, I observed many formal requests for assistance having to do with companies associated with Delaware, Nevada or Wyoming. These states have a tawdry image: they have become nearly synonymous with underground financing, tax evasion and other bad deeds facilitated by anonymous shell companies — or by companies lacking information on their “beneficial owners,” the person or entity that actually controls the company, not the (often meaningless) name under which the company is registered.

    Our State and Treasury Departments routinely identify countries that are havens for financial crimes. But, whether because of shortsightedness or hypocrisy, we overlook the financial crimes that are abetted in our own country by lax state laws. While the problem is concentrated in Delaware, there has been a “race to the bottom” by other states that have enacted corporate secrecy laws to try to attract incorporation fees

  3. Conan says:

    Around Much of the World, U.S. Is Considered a Tax Haven

    Some international tax experts note a big irony in a U.S. Senate subcommittee recently taking Apple Inc. to task for allegedly using “offshore tax havens” to avoid paying U.S. taxes on foreign income. They note more irony in continued U.S. government pressure to compel overseas banks to give up information on Americans with bank accounts in the belief those people may be hiding money from the taxman.

    U.S. Seeks Money Everywhere

    Packman points out the United States “is one of only three countries” that taxes worldwide income. No other industrialized nation does that, using territorial tax systems instead.

    In a territorial tax system, tax is paid wherever income is earned. So, for instance, Germany would not try to tax income earned in the United States by German carmaker Volkswagen. That money would be taxed in the U.S. Under the nearly unique worldwide tax system the United States uses, the U.S. claims power to tax income earned by Ford or other U.S companies in Germany or anywhere else. If Ford or other U.S. companies were to “repatriate” income earned in other counties, where tax was already paid, the U.S. government would tax that money.

  4. Conan says:

    US Bank Money Laundering -Enormous By Any Measure

    U.S. Banks and The Dirty Money Empire

    Washington and the mass media have portrayed the U.S. as being in the forefront of the struggle against narco trafficking, drug laundering and political corruption: the image is of clean white hands fighting dirty money. The truth is exactly the opposite. U.S. banks have developed a highly elaborate set of policies for transferring illicit funds to the U.S., investing those funds in legitimate businesses or U.S. government bonds and legitimating them. The U.S. Congress has held numerous hearings, provided detailed exposés of the illicit practices of the banks, passed several laws and called for stiffer enforcement by any number of public regulators and private bankers. Yet the biggest banks continue their practices, the sum of dirty money grows exponentially, because both the State and the banks have neither the will nor the interest to put an end to the practices that provide high profits and buttress an otherwise fragile empire.