Gawd Bless Tax Havens.

Discussion in 'Current Events' started by Superlative, Apr 13, 2007.

  1. Superlative
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    Superlative Senior Member

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    Under Cheney's tenure,(95-00) the number of Halliburton subsidiaries in offshore tax havens increased from 9 to 44. Meanwhile, Halliburton went from paying $302 million in company taxes in 1998 to getting an $85 million tax refund in 1999.


    Many large multinational corporations pay no taxes at all. According to the GAO more than 60% of U.S. controlled corporations with at least $250 million in assets (representing 93 percent of all corporate assets reported to the IRS) reported no federal tax liability each year between 1996 and 2000, while the economy boomed and corporate profits soared. 71% of foreign-based firms operating in the U.S. during that same period paid no U.S. income taxes.

    According to Citizens for Tax Justice, 82 of 275 top U.S. corporations paid zero taxes between 2001 and 2003, although they earned $102 billion in pre-tax profits.

    46 companies with a combined profit of $42.6 billion paid no federal income taxes in 2003 alone. Instead they received rebates totaling $5.4 billion.


    http://www.corporatepolicy.org/topics/Taxhavens.htm

    WASHINGTON , citing $100 billion in revenue drained from the U.S. Treasury at the expense of honest, hardworking American families who pay their fair share, Sen. Carl Levin, D-Mich., Sen. Norm Coleman, R-Minn., and Sen. Barack Obama, D-Ill., introduced comprehensive legislation to stop offshore tax haven and tax shelter abuses.
    http://www.senate.gov/~levin/newsroom/release.cfm?id=269479

    A large but low-profile Seattle-based investment firm, Quellos Group, used a bewildering series of fake securities deals between offshore shell companies to help rich clients shelter more than $2 billion in capital gains from taxes, a Senate report released Tuesday alleges.

    Senate investigators said the Quellos-created shelters ultimately cost the U.S. Treasury $300 million in tax payments.

    The Senate's Permanent Subcommittee on Investigations concluded, after a yearlong inquiry, that offshore tax havens allow the wealthy to stash trillions of dollars, mostly beyond the reach of tax, regulatory and law-enforcement authorities, and avoid paying $40 billion to $70 billion in taxes each year.

    Michigan Sen. Carl Levin, the senior Democrat on the subcommittee, said at a hearing yesterday that the report, which outlines the Quellos shelters and several others, "blows the lid off tax-haven abuses that make use of sham trusts, shell corporations and fake economic transactions to help people dodge taxes."

    http://www.corpwatch.org/article.php?id=13985

    For more than four years, Levin and Coleman, the Chairman and senior Republican of the Permanent Subcommittee on Investigations, have led an in-depth Subcommittee investigation into offshore tax havens, abusive tax shelters, and the professionals who design, market, and implement these tax dodges. Experts have estimated that the total loss to the Treasury from offshore tax evasion alone approaches $100 billion per year, including $40 to $70 billion from individuals and another $30 billion from corporations engaging in offshore tax evasion. Abusive tax shelters add tens of billions of dollars more.

    http://www.senate.gov/~levin/newsroom/release.cfm?id=269479


    The Permanent Subcommittee on Investigations has scheduled a hearing for August 1, 2006, entitled Offshore Abuses: The Enablers, The Tools & Offshore Secrecy. The Subcommittee has held a number of hearings addressing the issue of tax havens and offshore abuses which are undermining the integrity of the federal tax system, diverting tens of billions of dollars each year from the U.S. Treasury, and undermining U.S. law enforcement.

    http://www.senate.gov/~govt-aff/index.cfm?Fuseaction=Hearings.Detail&HearingID=385
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Gee, who was President each year between 1996 and 2000?

    I don't think Cheney was.
     
  3. Superlative
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    Superlative Senior Member

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    oooooh, oooooh, pick me! pick me! Was it Clinton?
    It was Clinton!, being the Liberal Democrat he is, he told all the major Corporations to totally stop paying taxes, cause they are a waste of time and they suck really bad, and everyone knows they only exist for poor people to pay.
     
  4. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Excuse me - but you are blaming Cheney for companies taking advantage of perfectly legal tax strategies that were put in place prior to Cheney being VP.

    In the real world, shareholders can hold companies liable for actions which damage the value of their shares - and not taking advantage of Perfectly Legal tax minimization would be management malfeasance.
     
  5. Superlative
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    Superlative Senior Member

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    Cheney was just one example of the many corporations, obviously he didnt have anything to do with all of them, or did you miss the referral to the Quellos Group, and the other 82 corporations that paid zero taxes between 2001 and 2003.

    46 companies with a combined profit of $42.6 billion paid no federal income taxes in 2003 alone.

    What does that have to do with Clinton or Cheney?
     
  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Excuse me, but what is your point? If the laws are written in ways which allow corporations to take advantages of structures which minimize their taxes LEGALLY, then shouldn't your beef be with CONGRESS which passed the laws allowing such tax havens?

    Do you personally forgo tax deductions which you are allowed? What you are insinuating for corporations is the equivalent of a homeowner not taking a deduction for mortgage interest because some other people are renters.
     
  7. red states rule
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    red states rule Senior Member

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    If Dems would stop attacking them, threatening them, smearing them, and wanting to regulate and tax them to death - perhaps they would stay in the US
     
  8. actsnoblemartin
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    actsnoblemartin I love Andrea & April

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    My opinion is: End corporate welfare, end off-shore accounts, period. And.... if you're an american owned business, or a company doing business in america, you have to pay the american tax rate, as determined by congress and the president.

    I absolutely hate corporate welfare, and off shore accounts, it is the most immoral thing, yuck yuck
     
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  9. red states rule
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    red states rule Senior Member

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    Corporations and companies do NOT pay taxes

    Their customers pay the taxes - it is reflected in their prices

    If libs raise taxes on corporations - they are raising taxes on us

    Of course that is nothing new
     
  10. actsnoblemartin
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    actsnoblemartin I love Andrea & April

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    I hate beauracracy, but we need some regulation. The U.S. government, correct me if im wrong gives tax breaks to u.s. corporations, who return the favor, by setting up off shore accounts to avoid taxes. Oh, and I dont want businesses taxed to death, small businesses make up 99% of all businesses, so I dont want them paying un-fair tax rates, for a government that spends money, faster then a crack whore, on a friday night in l.a.

    Is there no common sense in government?, Shouldnt there be?.

    Why cant there be real accountability that has nothing to do with gotcha politics, but has to do with holding every single politician accountable for his or her actions, regardless of political party. Why is our media so obsessed with a dead junkie like ann nicole, when real news is out there?
     

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