Bailed-Out Firms Have Tax Havens, GAO Finds
Surprise, surprise, surprise. The corporate fatcats don't want to pay taxes, but they want bailouts with taxpayer money. From the Washington Post:
Most of America's largest publicly traded corporations -- including several that are receiving billions of dollars from U.S. taxpayers to finance their recovery -- have set up offshore operations that could help them avoid paying U.S. taxes on their profits, a government study released yesterday found.
American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes, according to the Government Accountability Office.
Of the 100 largest public companies, 83 do business in tax-haven hotspots like the Cayman Islands, Bermuda and the British Virgin Islands, where they can move their income into tax-free accounts.
It is all legal, but it could come to an end, given the dire condition of the U.S. economy and President-elect Barack Obama's campaign pledge to close this popular business tax loophole. The Treasury estimates that it loses $100 billion a year in tax revenue as a result of companies shipping their income off shore, and congressional leaders are vowing to introduce legislation forcing big companies to pay full freight.
Good for them!
At least someone is getting away with it legally.
Laundering the lolly!
I would just add that tax avoidance is perfectly acceptable, both legally and morally. Tax evasion is not.
However, it seems that a lot of these people are just basic crooks. They are laundering money in some high class laundromat! Chinese laundries are not involved!!
www.ardenforester.blogspot.com
For Free Enterprise NOT Covert Corporatism
www.ardenforester.blogspot.com
For Free Enterprise NOT Covert Corporatism
I don't blame them
Taxes are too high. Didn't Dr. Paul even say he's supportive of those who want to practice civil disobedience to not pay taxes?
I don't even blame them for going to the table to get bailout money. It's their responsibility to maximize profit. If someone is giving away free money, why not take it? It's their responsibility to their shareholders to take it. If they don't, then someone else will.
I think we need to focus on attacking government, not business. It's government that should be attacked for taxing and subsidizing in the first place. Attacking business just dilutes the message.
You also have to remember that it's government that put them in that position by giving special legal privileges to labor unions, excessive regulations, and high taxes.
-------
The Fed is not a private bank. PRIVATIZE THE FED!!!
"The Federal Reserve Banks should simply be regarded as governmental agencies." -Murray Rothbard
"I now call the Federal Reserve the fourth branch of government." -Ron Paul
Except in the cases of theft or fraud -- or bailouts --
people should be able to shield their money from the government's assumption that it owns all the money and all our labor and company profits.
WE THE PEOPLE
IT IS TIME TO STAND UP AND DO SOMETHING.
ENOUGH IS ENOUGH. HOW MUCH MORE CAN WE TAKE OF THE USURPATIONS AND CONSTITUTIONAL VIOLATIONS.
WHAT WILL IT TAKE BEFORE WE ALL BAND TOGETHER AND KICK SOME SPECIAL INTEREST ASS!
Opresso De Liber
Life,Liberty and the Pursuit of Happiness!
Conscious of Our Creator and Source of our Liberties.
Tax havens or offshore financial centres?
In the Isle of Man we differentiate. This may raise a smile. However, many financial sector workers here tell me we are better regulated than many city financial sectors - will mention no names. I understand that there is a grading of 1-4. One is top grade, four is practically non-compliant. The Isle of Man is grade one. On this basis I repeat my request that Obama check out the financial affairs of his own country before meddling with other nations. If US finances were well-regulated would the sub-prime and Madoff scandals have happened? Self-regulation is what they wanted and what they got. In view of the dire situation in the US I would say it is in urgent need of a financial makeover. Starting with transparency - what happened to the trillions in bailouts? Above all, let's have a look at the Fed and how the system functions in the first place.
As for companies being able to place funds outside of the US - well, if other countries hadn't introduced swingeing taxes it just wouldn't happen, would it? The offshore centres wouldn't exist - so don't rush too much on changing this :) And why on earth wasn't there a clause with the bailouts about not using offshore services? Oh yeh - that's right - it was all done in secret.
it's all a big scam
makes no sense to me why they're trying to save the "mortgage industry" instead of people's homes. once again, our fearless leaders have confused ends with means. if anything, the "mortgage industry" should collapse. that's just another part of the vicious credit cycle that has us all slaving for the banks, while they laugh all the way to where they already are.
the interesting part is that while the banks will be using this money to stay afloat, none of it will address defaulted mortgages (which is the actual cause of this crisis) which should be paid off with this money. we the people pay the taxes for this, but we the people reap no benefit! it's quite obvious whom our politicians work for, and it isn't us.
i'm no fan of socialism; i'm even less of a fan of banks! if we're going to spend this bailout (one word) money because people are losing their homes, then maybe they shouldn't lose their homes?
as far as offshore banking and income from abroad go, i'd like to make two points:
1) if our government reduced itself to levels authorized by the constitution, and stopped flagrantly violating the law, income taxes wouldn't be necessary.
2) income from abroad shouldn't be taxed. that adds cash to our own economy. it works its way into our system. why penalize people who bring money in from abroad? if we stopped taxing income, and enacted real banking privacy laws (i don't want to hear about this phony "terrorism" nonsense either), the US would become an instant tax haven; then the banks wouldn't have to worry about having money to do business, nor would we have to keep printing it to finance our largesse)!
once again, we speak out both sides of our mouths: we constantly complain about foreign interests sticking their noses in our business. why shouldn't they? our politicians obviously have no concept of national boundaries, why should anyone else?
i'm still totally against the bailout. bad banks should collapse. people who have their life savings invested in them should lose everything. they didn't bother to research their investments, choosing to stick money into companies that are evil, rude and economically unsustainable.
people who couldn't afford their houses should lose them! don't buy something you can't afford!
and definitely don't expect us to bail you out! you chose to lose your money! you chose to lose your house!
Makes me wonder though
If any of the bailout money went to these offshore shelters without reporting it as such. The banks have'nt produced anything positive with our tax dollars yet.
-
Show your support on the Ron Paul Map !
People worldwide support Dr. Paul too :-)
http://www.pollingmatrix.com
Real eyes realize real lies
2012, we want our country back
2012 is the year for Ron Paul!
MSM Report: http://www.msmreport.com/
In general, anything that
In general, anything that denies the federal government money is a good thing.
These bail outs
Are so stupid as to be utterly MIND BOGGLING.
This shit is revolting.
_________________________________
My liberty-minded home base of thought:
www.ponderthis.net
_________________________________
Freedom - Peace - Prosperity