It seems to be big news to a lot of folks that there's many rich people who exploit the fine print of tax regulation to minimize their tax obligations. Nothing new about it at all. Why do you think KC Irving spent his twilight years in Bermuda?
In fact, the Irvings waged a lengthy battle with Canada's tax collectors re: the sale of supertanker loads of oil dropped off from all over the Middle East at their Canaport reception facility in New Brunswick. Those million barrel cargoes were sold to a Bermuda middle man between when they entered the Bay of Fundy and when they disgorged their load at Canaport. As it happened, any profit on that supertanker load of oil accrued to an Irving subsidiary in no-tax Bermuda instead of high-tax New Brunswick.
Which proves nothing more than that the Irvings were ahead of the curve. Nothing in these sensational Panama Papers is, on the face of it, illegal. The reason we have "tax havens" on this planet is, guess what, so rich people can avoid taxes!
Legally!
Hey, guess who writes the tax codes all over the world?... the lawyers and accountants who work for the rich folks!
This is a surprise???
But here's why this non-scandal is pregnant with possibilities. Maybe, just maybe, enough people will be pissed off about this story that they'll be motivated to make some changes.
Tax havens need to be put out of business.
Showing posts with label tax havens. Show all posts
Showing posts with label tax havens. Show all posts
Monday, April 4, 2016
Saturday, January 23, 2016
NEWS FLASH: the rich should intervene in politics!
You mean they don't now and they haven't before?
That's the latest bullshitic twattery emanating from Davos, courtesy of hedge-fund sharpie Anthony Scaramucci.
While Tony may be a hedge-fund sharpie, he doesn't seem that sharp overall. He's backing Jeb for the the 2016 White House race?
Get outta here!
And what's this crap about the government taking more than 50% of every dollar he "earns?" Having been a key cog in The Mittster's run at the White House in the 2012 campaign, Tony would be well acquainted with the fact that his fellow hedgie got tons of ink over his paying a mere 14% on his declared 20 million per year income.
So hedgie Mitt pays 14%, but hedgie Tony pays over 50%?
Not bloody likely!.. that's just raw sewage if you ask me.
The other obvious omission in the discussion about Romney's taxes was that carefully crafted disclaimer that this number referred to Mitt's declared US income. Hey, it's obvious as can be that the reason hedgies have bank accounts in tax havens like the Caymans is so they can AVOID declaring income in the US!
They're not called tax havens for nothing!
That's the latest bullshitic twattery emanating from Davos, courtesy of hedge-fund sharpie Anthony Scaramucci.
While Tony may be a hedge-fund sharpie, he doesn't seem that sharp overall. He's backing Jeb for the the 2016 White House race?
Get outta here!
And what's this crap about the government taking more than 50% of every dollar he "earns?" Having been a key cog in The Mittster's run at the White House in the 2012 campaign, Tony would be well acquainted with the fact that his fellow hedgie got tons of ink over his paying a mere 14% on his declared 20 million per year income.
So hedgie Mitt pays 14%, but hedgie Tony pays over 50%?
Not bloody likely!.. that's just raw sewage if you ask me.
The other obvious omission in the discussion about Romney's taxes was that carefully crafted disclaimer that this number referred to Mitt's declared US income. Hey, it's obvious as can be that the reason hedgies have bank accounts in tax havens like the Caymans is so they can AVOID declaring income in the US!
They're not called tax havens for nothing!
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