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How Corporations and the Wealthy Avoid Taxes (and How to Stop Them)


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The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.

 

Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.

 

https://www.nytimes.com/interactive/2017/11/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

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54 minutes ago, untitled said:

The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.

 

Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.

 

https://www.nytimes.com/interactive/2017/11/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

 

If all this is illegal, why didn't the DOJ of the first half-black President investigate, indict, arrest and try these people?

 

 

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58 minutes ago, untitled said:

The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.

 

Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.

 

https://www.nytimes.com/interactive/2017/11/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

 

Forgot to add this little item...from the article linked in YOUR OP.

 

"In doing this, Google didn’t break the law."

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 11.5 percent of world G.D.P. is held offshore by households. For a long time, the bulk of it was held in Switzerland, but a fast-growing fraction is now in Hong Kong, Singapore and other emerging havens.

 

We can stop offshore tax evasion by shining some light on darker corners of the global banking industry. The most compelling way to do this would be to create comprehensive registries recording the true individual owners of real estate and financial securities, including equities, bonds and mutual fund shares.

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By the way...one little item the author of the article probably forgot to research.  According to business laws, a transaction is consummated and taxable where the transfer of ownership occurs.  That sounds simple to change...but the ramifications would be ENORMOUS.  A extremely large number of businesses, the vast majority of which are far smaller than Google or Apple, would suddenly have nexus in numerous states and significantly increasing their cost of doing business (record keeping, reporting, taxes, insurance, fees, etc.).

 

 

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1 hour ago, untitled said:

The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.

 

Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.

 

https://www.nytimes.com/interactive/2017/11/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

 

The Paradise Papers show actually how the super-richest and how corporates hide their money offshore. Sometimes it’s illegal. Sometimes it’s still legal, but I think it’s still illegitimate, because hiding and avoiding taxes means that there’s money going away, money that our countries need, our societies need, for example, to building universities, to build streets, to build schools. So, I think this is a global problem. It’s a problem in the U.S., but also in the European Union. And I think there’s, therefore, a global approach needed.

 

AMY GOODMAN: So, can you talk about some of the most stunning findings in this, what you were most shocked by?

 

FREDERIK OBERMAIER: I was really surprised of the huge extent of how people being very close to Donald Trump being involved in offshore dealings. I think the case from Wilbur Ross shocked me the most, because we all know that there was—he was already questioned in regards to how he disinvested, but, I mean, nobody was aware of his connection to Russia. And, I mean, he now claims that the company, Navigator Holdings, where he is still holding some interest, that he didn’t know that they—that the company they did business with in Russia, a company called Sibur, that there is—one stakeholder is or one shareholder is, for example, Vladimir Putin’s son-in-law or the oligarch Timchenko. And I think I must admit that from a secretary of commerce, I would expect to at least know this, to research it. And I think it shows a huge conflict of interest that, in my opinion, should now be investigated.

 

AMY GOODMAN: Now, explain, because the commerce secretary, when questioned, said he was divesting from his holdings. So, what does the Paradise Papers show?

 

FREDERIK OBERMAIER: The Paradise Papers show that he indeed did disinvest from most of his companies, but that he kept—even after becoming secretary of commerce, that he kept, via a chain of offshore companies, interest in Navigator Holdings and that he didn’t disinvest from that one. And given the current debate in the U.S. about Russia’s influence in the U.S., I think it is very important to have a close look at what went on there and that not only media, but also authorities and investigators, should have a look on that one.

 

AMY GOODMAN: You also uncovered, for example, Rex Tillerson, the secretary of state; Steve Mnuchin. Explain what you found.

 

FREDERIK OBERMAIER: Well, in the case of Mr. Mnuchin, it is interesting that his former bank, the CIT Bank, that they help their customers to set up structures, when they, for example, bought airplanes, to set up structures to avoid taxes. And this is things we have seen in many cases, and we have already seen that millions of dollars of taxes are avoided through such structures. And given the fact that nearly every country of the world needs money, needs tax money, to—basically, to keep up the infrastructure, keep up universities and schools running, I think this is something the public should be well aware of, that in the Trump government, in the Trump administration, there are many people with offshore ties and that this is something they should have a close look to.

 

About Apple and others:

https://www.democracynow.org/2017/11/6/paradise_papers_millions_of_leaked_docs

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Just now, merrill said:

 

The Paradise Papers show actually how the super-richest and how corporates hide their money offshore. Sometimes it’s illegal. Sometimes it’s still legal, but I think it’s still illegitimate, because hiding and avoiding taxes means that there’s money going away, money that our countries need, our societies need, for example, to building universities, to build streets, to build schools. So, I think this is a global problem. It’s a problem in the U.S., but also in the European Union. And I think there’s, therefore, a global approach needed.

 

AMY GOODMAN: So, can you talk about some of the most stunning findings in this, what you were most shocked by?

 

FREDERIK OBERMAIER: I was really surprised of the huge extent of how people being very close to Donald Trump being involved in offshore dealings. I think the case from Wilbur Ross shocked me the most, because we all know that there was—he was already questioned in regards to how he disinvested, but, I mean, nobody was aware of his connection to Russia. And, I mean, he now claims that the company, Navigator Holdings, where he is still holding some interest, that he didn’t know that they—that the company they did business with in Russia, a company called Sibur, that there is—one stakeholder is or one shareholder is, for example, Vladimir Putin’s son-in-law or the oligarch Timchenko. And I think I must admit that from a secretary of commerce, I would expect to at least know this, to research it. And I think it shows a huge conflict of interest that, in my opinion, should now be investigated.

 

AMY GOODMAN: Now, explain, because the commerce secretary, when questioned, said he was divesting from his holdings. So, what does the Paradise Papers show?

 

FREDERIK OBERMAIER: The Paradise Papers show that he indeed did disinvest from most of his companies, but that he kept—even after becoming secretary of commerce, that he kept, via a chain of offshore companies, interest in Navigator Holdings and that he didn’t disinvest from that one. And given the current debate in the U.S. about Russia’s influence in the U.S., I think it is very important to have a close look at what went on there and that not only media, but also authorities and investigators, should have a look on that one.

 

AMY GOODMAN: You also uncovered, for example, Rex Tillerson, the secretary of state; Steve Mnuchin. Explain what you found.

 

FREDERIK OBERMAIER: Well, in the case of Mr. Mnuchin, it is interesting that his former bank, the CIT Bank, that they help their customers to set up structures, when they, for example, bought airplanes, to set up structures to avoid taxes. And this is things we have seen in many cases, and we have already seen that millions of dollars of taxes are avoided through such structures. And given the fact that nearly every country of the world needs money, needs tax money, to—basically, to keep up the infrastructure, keep up universities and schools running, I think this is something the public should be well aware of, that in the Trump government, in the Trump administration, there are many people with offshore ties and that this is something they should have a close look to.

 

About Apple and others:

https://www.democracynow.org/2017/11/6/paradise_papers_millions_of_leaked_docs

 

 

Yes, Wilbur Ross, Commerce Secretary. He found a way to evade telling about his true control of companies.

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1 minute ago, merrill said:

 

The Paradise Papers show actually how the super-richest and how corporates hide their money offshore. Sometimes it’s illegal. Sometimes it’s still legal, but I think it’s still illegitimate, because hiding and avoiding taxes means that there’s money going away, money that our countries need, our societies need, for example, to building universities, to build streets, to build schools. So, I think this is a global problem. It’s a problem in the U.S., but also in the European Union. And I think there’s, therefore, a global approach needed.

 

AMY GOODMAN: So, can you talk about some of the most stunning findings in this, what you were most shocked by?

 

FREDERIK OBERMAIER: I was really surprised of the huge extent of how people being very close to Donald Trump being involved in offshore dealings. I think the case from Wilbur Ross shocked me the most, because we all know that there was—he was already questioned in regards to how he disinvested, but, I mean, nobody was aware of his connection to Russia. And, I mean, he now claims that the company, Navigator Holdings, where he is still holding some interest, that he didn’t know that they—that the company they did business with in Russia, a company called Sibur, that there is—one stakeholder is or one shareholder is, for example, Vladimir Putin’s son-in-law or the oligarch Timchenko. And I think I must admit that from a secretary of commerce, I would expect to at least know this, to research it. And I think it shows a huge conflict of interest that, in my opinion, should now be investigated.

 

AMY GOODMAN: Now, explain, because the commerce secretary, when questioned, said he was divesting from his holdings. So, what does the Paradise Papers show?

 

FREDERIK OBERMAIER: The Paradise Papers show that he indeed did disinvest from most of his companies, but that he kept—even after becoming secretary of commerce, that he kept, via a chain of offshore companies, interest in Navigator Holdings and that he didn’t disinvest from that one. And given the current debate in the U.S. about Russia’s influence in the U.S., I think it is very important to have a close look at what went on there and that not only media, but also authorities and investigators, should have a look on that one.

 

AMY GOODMAN: You also uncovered, for example, Rex Tillerson, the secretary of state; Steve Mnuchin. Explain what you found.

 

FREDERIK OBERMAIER: Well, in the case of Mr. Mnuchin, it is interesting that his former bank, the CIT Bank, that they help their customers to set up structures, when they, for example, bought airplanes, to set up structures to avoid taxes. And this is things we have seen in many cases, and we have already seen that millions of dollars of taxes are avoided through such structures. And given the fact that nearly every country of the world needs money, needs tax money, to—basically, to keep up the infrastructure, keep up universities and schools running, I think this is something the public should be well aware of, that in the Trump government, in the Trump administration, there are many people with offshore ties and that this is something they should have a close look to.

 

About Apple and others:

https://www.democracynow.org/2017/11/6/paradise_papers_millions_of_leaked_docs

 

Again...according to the story, no law was broken.  If all the required taxes are being paid, the US isn't losing one copper penny.

 

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1 minute ago, BatteryPowered said:

Again...according to the story, no law was broken.  If all the required taxes are being paid, the US isn't losing one copper penny.

 

 

The laws were written by the wealthy to do this. So yes, the US is losing many copper pennies.

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Just now, BatteryPowered said:

 

Again...according to the story, no law was broken.  If all the required taxes are being paid, the US isn't losing one copper penny.

 

 

Your comprehension level is in disrepair .........

 

If all is okay there would be no need to release the Paradise Papers.

 

https://www.democracynow.org/2017/11/6/paradise_papers_millions_of_leaked_docs

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How the Ivy League Hides Its Cash

 

Endowments are already tax exempt, but they have increasingly worked with private equity and hedge funds that borrow additional money to invest. Endowments pay taxes on the money they earn that way because it is not related to their educational mission — unless they hide that money with the help of offshore investment corporations.

 

Private colleges and universities have increased their endowments spectacularly through aggressive fund-raising and these kinds of investment and tax-avoidance techniques. Stanford University, one of the schools found to use offshoring, increased its endowment to $18 billion in 2012 from $2 billion in 1977. Harvard’s endowment grew to $32 billion (in inflation-adjusted dollars) from $6 billion during the same period.

 

https://www.nytimes.com/2017/11/10/opinion/ivy-league-offshore-tax-stanford.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

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2 hours ago, untitled said:

Yes, Wilbur Ross, Commerce Secretary. He found a way to evade telling about his true control of companies.

Why do you continue to lie about this, when your own source - NY Times said his holdings were all disclosed?

 

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6 hours ago, untitled said:

 11.5 percent of world G.D.P. is held offshore by households. For a long time, the bulk of it was held in Switzerland, but a fast-growing fraction is now in Hong Kong, Singapore and other emerging havens.

 

We can stop offshore tax evasion by shining some light on darker corners of the global banking industry. The most compelling way to do this would be to create comprehensive registries recording the true individual owners of real estate and financial securities, including equities, bonds and mutual fund shares.

 

Repeal the 16th amdt.

 

The world's money will come here to work.

 

Even a bum like you could get a job.

 

kj

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9 hours ago, untitled said:

The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.

 

Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.

 

https://www.nytimes.com/interactive/2017/11/10/opinion/gabriel-zucman-paradise-papers-tax-evasion.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region&region=opinion-c-col-right-region&WT.nav=opinion-c-col-right-region

They don't avoid paying taxes. They pay taxes. Stop lying and trying to push the notion that working with in the tax code is some how gaming the system. Tired of you leftists constantly worrying about other people's money.  Grow the fuck up

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