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92 Comments
- GARussell, on 03/25/2009, -1/+30As Michael Kinsley said about Washington, the scandal isn't what's illegal. It's what's legal.
- paintgrl, on 03/25/2009, -1/+29Wowzers Batman, off to the Cayman Islands, where the Joker has his tax shelter.
- homercles337, on 03/26/2009, -1/+21Hint: The internet was a government innovation. DARPAnet.
- JoeParanoid, on 03/25/2009, -2/+21And despite the fact that the system is set up to allow this sort of larceny, these corporations still find themselves in need of a bailout. So where is all the money going?
- angryfirelord, on 03/26/2009, -3/+19Maybe if we didn't have such an ass-backwards tax code that nobody understands, then perhaps companies would feel safer keeping their money here. Instead, they move money offshore to remove the risk of being penalized and double-taxed by the IRS.
- THETEH, on 03/25/2009, -6/+22This is the reason we need regulation. Not that the free market is a bad thing--it can lead to wonderful innovations (i.e. the internet). BUT companies want to make profits, and if there's a loophole in the laws, they'll exploit it if it'll make them a lot of cash. This is a fact that right wing conservatives, and even libertarians, seem to overlook.
- muckemuck, on 03/26/2009, -0/+15But if they dig too deep into who has the money hidden in offshore tax havens then the odds are pretty high some of the folks they'll be going after are sitting in Congress.
- triple110, on 03/26/2009, -1/+14When drug dealers and terrorists use tax shelters they are hiding something. When a corporation does it they are just "protecting their assets".
- Ghostalker, on 03/26/2009, -1/+11"When 10,000 businesses all share the same mailbox on a tropical island either that's the largest mailbox in the world, or something fishy is going on."
- pacerx, on 03/26/2009, -1/+9evade -
To escape or avoid by cleverness or deceit
To avoid fulfilling, answering, or performing:
To avoid giving a direct answer to. - jamwil87, on 03/26/2009, -7/+15Tax avoidance is not tax evasion.
- Protonz, on 03/26/2009, -2/+9Especially now with the rich being scapegoated.
- failedpimp, on 03/26/2009, -0/+7Bonuses, parties, weekend retreats for top level execs.
- blackninja543, on 03/26/2009, -1/+7This is why we cant have nice things.
- sneaker98, on 03/26/2009, -0/+6Lets not forget blackjack and hookers!
- inactive, on 03/26/2009, -1/+7Lower repatriation tax rates and I bet there would be a load of money coming back home. It's better to tax some money at a lower rate than no money at a higher rate.
- 0mniscient, on 03/26/2009, -4/+9If they're not breaking the tax law*
- Fruit45, on 03/26/2009, -3/+8What an oversimplification and complete disregard of history. The US can attribute its founding to an aversion to paying taxes that they saw no benefit in and additional taxes that were levied on them as punishment for deciding not to pay the taxes already in place.
- Barackalypse, on 03/26/2009, -2/+7Actually, it would be the Government raping it, the corporations only do business with people that voluntarily do business with them, with the Government, you don't have a choice whether or not you deal with them.
- Silentnite85, on 03/26/2009, -0/+5In fact, forget the blackjack!
- frankdozier, on 08/10/2009, -3/+7Well, at least for these companies' sakes this story will go no farther than digg; we won't see Wolf Blitzer or Shepard Smith reporting this kind of legal malfeasance anytime soon.
Even with the unlimited information afforded us with the internet, there is still a stranglehold on truth. Big media would rather keep feeding the AIG story. Fear and anger only works if you have a good scapegoat. - Barackalypse, on 03/26/2009, -1/+5Are you saying there is benefit in the things this Government is doing with the taxes? Occupying two foreign countries, harassing the citizens with the TSA, domestic wiretapping without warrants, the drug war and property confiscation, DUI checkpoints, The Patriot Act, etc.
- THETEH, on 03/26/2009, -0/+4I KNOW that profits are what drive business. I know how economics works. But what makes a profit for a business isn't necessarily what's best for the American people. That was my point. It was great for business to ship overseas, but it lost American jobs. American healthcare companies make huge profits, but American citizens get squeezed with high healthcare costs.
That's why regulation is needed. We need to balance the needs of businesses with the needs of the people. We can't completely favor the people at the expense of business profits, or ultimately everyone will be harmed. BUT we also can't completely serve the businesses and neglect the best interests of the people. Getting rid of all regulation would be great for companies but bad for the people. - ThantiK, on 03/26/2009, -0/+4Actually it's in our DNA to refuse "taxation without representation"...If you've passed 5th grade here in America you'd know that.
- Barackalypse, on 03/26/2009, -3/+7If Digg's preferred solution to the drug problem is legalization, surely its solution to tax avoidance is elimination of corporate taxes, right? But seriously, tax avoidance and shelters exist because there is financial incentive in doing it, were the tax code actually simple and the taxes small, it wouldn't be worth the risk or effort to play these tax shelter games.
- Hetman, on 03/26/2009, -1/+5That is what I call going galt. haha
- edblaze, on 03/26/2009, -2/+6what's I find so funny about all this is...
These same people trying to sheltered "THEIR" earned cash are the ones who actually PAY a majority of the tax bill yet like little vultures people want more and more.
How bout we target those on welfare who own IPHONES and have 30" chrome rims when mathematically they cannot afford them.
Sure they are entitled to luxuries, after working their way to own them w/o the assistance of the American taxpayer. - masamunecyrus, on 03/26/2009, -1/+5How is this just something right-wingers and libertarians overlook? The whole ***** government overlooks it.
- fury420, on 03/26/2009, -1/+4yes, i for one find the idea of international corporations setting up front companies & subsidiaries on small Caribbean islands for no purpose other than to shelter money from the taxes they should be paying in all the countries they actually do their business in to be morally objectionable, considering the profit for these companies comes from their actions in actual countries, not barely inhabited islands with an airstrip and a dozen banks.
- inactive, on 03/26/2009, -0/+3politicians
- jamwil87, on 03/26/2009, -2/+5"Tax avoidance is the legal utilization of the tax regime to one's own advantage, in order to reduce the amount of tax that is payable by means that are within the law. The United States Supreme court has stated that "The legal right of an individual to decrease the amount of what would otherwise be his taxes or altogether avoid them, by means which the law permits, cannot be doubted."
This is merely a tactic used by, as the article stated, the vast majority of big business to reduce costs. It may not be perfect but it's the way it whether you like it is or not. It is nothing more than smart business and if you were in a situation where you were at the helm of a large company, you would take any steps within your legal power to minimize costs as well. - Barackalypse, on 03/26/2009, -3/+5It was a military innovation, they're one of the few parts of the Government that actually competently carries out its mission.
- d1a1s1, on 03/26/2009, -0/+2How fun would THAT be!? We can only wish.
- ASfinkterSezWut, on 03/26/2009, -0/+2LMFAO@whaleyboy69 - ALL of the politicians ; Dems, Republicans, Independants... and just about anyone with any significant amount of money has been engaged in the same tax-dodging business since the advent of taxation. Your point is valid, but your ridiculous partisan politics is just stupid beyond belief.
- cwright213, on 03/26/2009, -0/+2I'd shake the top of the tree first to see what falls out. People keep saying middle class and small business. Were used to getting taxed through the nose. We are now getting breaks and not looking at the real tax dodgers. shake the tree my friend there's more to choose from up there
- geneikillua, on 03/26/2009, -1/+3Tax those corporations to death! That should help us get out of this recession, right?
- DudeInAustin, on 03/26/2009, -7/+9This was a nation founded by a tax revolt. It is against our national DNA to willingly submit to taxation.
- FujoGusto, on 03/26/2009, -3/+5The outrage I'm seeing over the economic crisis is so insanely self-righteous and stupid. The problems being described have been harped on for years and nobody did a single thing to stop them. If a corporation or a government official is doing something bad, it's because no one is holding their proverbial feet to the fire. Corporations don't fear the American public because they know that while we may complain, we'll still buy and endorse their products. Political parties don't fear the American public because they know we'll keep putting the same ***** in office. If you think a corporation isn't paying enough in taxes, quit complaining and find out some sort of way to do something about it. I think one of our largest problems is that no one bothers to do anything proactive outside of complaining. I can guarantee you that the vast majority of people bitching and moaning haven't even bothered to shoot over an email or send a letter to their congressional representative.
This crisis isn't about the failure of government, it's about the failure of the people to govern their government. - PhotoJustin, on 03/26/2009, -3/+5I'm pretty sure a corporation's team of accountants can figure out the tax code. It's not that hard. Every idiot in the US figures out how to do their taxes.
- MeatMountain, on 03/26/2009, -1/+3Why don't you stop using code words and just say you hate black people.
- bman1984, on 03/26/2009, -7/+9This is nothing out of the ordinary; pure greed on behalf of corporations. The right-wing's retort to this problem is that taxes are too high in the USA which "forces" these organizations to use tax shelters. I digress.
The reason that many organizations are able to flourish is due to the infrastructure of developed nations. I will use the USA as an example. Infrastructure is not limited to physical infrastructure. I am talking about education here as well. The reason that these organization are able to find talent, arguably, is due to systems put in place by the USA. To put it bluntly, organizations want all of the benefit of being able to business in one country, but are not willing to pay there share of the taxes to take advantage of these benefits.
I would love to see a corporation move all of your operations elsewhere in the event of these loopholes beings closed. Something tells me that they would not be so successful. - Lewie, on 03/26/2009, -0/+2But those incentives usually come about by lobbying. Get rid of lobbying, and we'll see a much fairer system.
- Barackalypse, on 03/26/2009, -1/+3If the rules suck, don't blame the people playing the game, blame the people who wrote the rules that cause the game to be played that way. It seems to me the problem is the Government creating incentives to offshore billions of dollars that could be productively employed in our economy.
- cwright213, on 03/26/2009, -0/+1Well I believe people on welfare should be able to buy what ever they want to. I also believe it's up to me and you and our government to find those that abuse the system. when I was in high school bagging groceries. I'm haul a shopping cart full to the top with food bought with food stamps and put in in an expensive car in the parking lot. yes the system is broken. We shout about it but that's about it. Keep preaching to the choir. It's OK we all do it.
Tax shelters are just places that people put taxable income to so they don't get taxed. It's legal yes to a point. You make more, you pay more. If the percentage was 6% across the board for everyone. There would still be tax shelters and Billionaires would still grip about paying more. Oh wait your not a billionaire are you? - rynsa, on 03/26/2009, -0/+1How very Zen of you.
- elf25, on 03/26/2009, -1/+2buy a share of stock and attend the stock holders meeting. say your words. If enough of us did it, there would be change.
- Kallius, on 03/26/2009, -1/+2Don't worry, the IRS will be sure to be extra-vigilant when it comes to shaking down...er, auditing small businesses and the middle class to make sure they pay their fair share, so that $100 billion estimated shortfall won't be nearly as high.
- travelon77, on 03/26/2009, -0/+1Ahh, do you know much about half the places mentioned in this? For instance, the Caymens are 2 pretty ugly crap islands to be honest. The highest point is about 40ft and its the city dump. Decent scuba diving though. Population: claimed 52000. Doesnt feel like that many when there though. You really think these companies need that many accounts in places like this to reach larger customer bases? Get real.
Luxembourg's population is under 500,000
Bermuda: 66000
Guernsey: 65000
actually, looking at these numbers, I wonder if it aint the same 50-65,000 people registered in each of these places! - inactive, on 03/26/2009, -1/+2"...but are not willing to pay there share of the taxes..."
What's up with all the there/they're/their FAIL in this thread? - cwright213, on 03/26/2009, -0/+1I find it funny for those that take up for billionaires as though they make the same amount of money or as if they are in that high tax bracket. Wealthy people will remain wealthy no matter what.
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