For the Wealthiest, a Private Tax System That Saves Them Billions "...Moreover, each has exploited an esoteric tax loophole that saved them millions in taxes. The trick? Route the money to Bermuda and back..." http://www.cnbc.com/2015/12/29/for-the-wealthiest-a-private-tax-system-that-saves-them-billions.html
As I've said, avoidance of tax is an incarcerable offense. Legal/financial tricks or re-domiciling corporations is tax fraud.
Corporations don't pay taxes, ever. Never have, never will. The consumers of their products and/or services pay the tax. The so called tax cut only provides more profit for the corporation. The so called tax increase eats into existing profits so they get creative. A criminally corrupt congress facilitates the creativity with loopholes. This system works only if the corporations employ enough people at a reasonable wage AND outsource enough of their overflow work to LOCAL smaller business. This is called the economy. Wall Street is not the economy. When you try to drive economic growth through Wall Street manipulation you get a booming Wall Street and a stagnant to failing economy. A very few make the lions share of the money, horde it among themselves, and the rest scramble for the crumbs. Works till it doesn't. Doesn't is upon us.
They see two things: 1. the wealth and luxuries they demand with insatiable appetites, 2. the risk of getting caught, combined with the arrogance of its impossibility.
The World’s Favorite New Tax Haven Is the United States Moving money out of the usual offshore secrecy havens and into the U.S. is a brisk new business. "Shifting money from offshore secrecy havens to the U.S. has become a brisk business for Rothschild & Co. One Turkish client is moving assets from the Bahamas to Nevada. Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes. His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling it the new Switzerland. After years of lambasting other countries for helping rich Americans hide their money offshore, the U.S. is emerging as a leading tax and secrecy haven for rich foreigners. By resisting new global disclosure standards, the U.S. is creating a hot new market, becoming the go-to place to stash foreign wealth. Everyone from London lawyers to Swiss trust companies is getting in on the act, helping the world’s rich move accounts from places like the Bahamas and the British Virgin Islands to Nevada, Wyoming, and South Dakota. “How ironic—no, how perverse—that the USA, which has been so sanctimonious in its condemnation of Swiss banks, has become the banking secrecy jurisdiction du jour,” wrotePeter A. Cotorceanu, a lawyer at Anaford AG, a Zurich law firm, in a recent legal journal. “That ‘giant sucking sound’ you hear? It is the sound of money rushing to the USA.” Rothschild, the centuries-old European financial institution, has opened a trust company in Reno, Nev., a few blocks from the Harrah’s and Eldorado casinos. It is now moving the fortunes of wealthy foreign clients out of offshore havens such as Bermuda, subject to the new international disclosure requirements, and into Rothschild-run trusts in Nevada, which are exempt. The U.S. “is effectively the biggest tax haven in the world” —Andrew" ... http://www.bloomberg.com/news/artic...s-favorite-new-tax-haven-is-the-united-states
Reminds me of the US controlling the drug trade. US Gov allowed Sinaloa cartel to ship drugs into America for info on rivals. HSBC caught laundering 300 Billion in drug money. Nobody arrested. Control the trade so they can keep an eye on it...
You said it, but that didn't make it true. (If you'd substituted the word "evasion" for "avoidance", then what you said would have been true in some countries.)