Transcript

Tax Havens of the Wealthy and Powerful

TAX More and more companies are stashing their cash offshore, and they're doing it at alarming rates. eluding the tax man. Why? Put simply, it's about HERE'S WHAT GOES ON... Companies without money or "know-how" to dodge the system, The government invests tax money into infrastructures, workforces, markets, security etc... are stuck picking up the tab. TRANSPORTATION ENERGYEDUCATION INFRASTRUCTURE COMMUNICATION RESEARCH RETIREMENT HEALTH WORKFORCE COURTS Companies benefit from these investments. Many of the rich and powerful funnel their money into "foreign" entities: therefore, under current law, they aren't liable to pay taxes. *FRE They can't bring that money back to the US without paying taxes on it. TAX FREE Consequently. they hoard it until the US offers a tax holiday, or they utilize other dubious ways to get their stash back. FRE HOW MUCH MONEY? GLOBAL TAX HAVEN ESTIMATES RANGE FROM: That's equal to > of the world's GDP %$2132 TRILLION TRILLION OR THINK OF IT LIKE THIS THE US EUROPEAN UNION 32 Trillion = ECONOMY ECONOMIES 85 times. That's enough to fill the entire length of the Mississippi River with yachts... ( The Mississippi River is 2.320 miles long | 65 foot long yachts at $2 million each) THE US STOCKPILES 1,7 That's equal to11% of America's GDP X FRE TAX FREE TRILLION IN TAX HAVENS FREE 5 times. That's enough to fill the entire length of the Mississippi river with yachts... If that $ was taxed 150 = S1,026/T %3D BILLION IN LOST TAXES/YEAR Tax-paying Americans are stuck with the bill in 3 ways: TP ASPORTAT EN RGYEDUCAT DEBT II FRASTRURE OMMUNI ON RESEARCH TUNRETIREMENT ALTHWORKFORCE TAXES HIGHER TAXES CUT SERVICES MORE DEBT Which is eventually paid for with cut services and higher taxes What could America do with that 150 billion dollars of lost taxes every year? | Cover the cost of the fiscal cliff. and use the rest to pay all the unpaid hospital bills in the country. Give Pell Grants to every college student in America.. and double the payouts. O Give every tax-paying American a $1.026 stimulus check. Retrofit 1 out of every 4 houses in America to be energy efficient. Fund 15 commuter rail lines, 50 light rail transit lines, and more than 800 bus rapid transit lines. Increase cancer funding 30 times over. PLEASE CHOOSE 1 Put a manned outpost on the moon before 2030. | Wipe out world hunger,. and then give every person on the planet $20. WHO'S DOING THIS? These are the big companies sending their tax-free money offshore BILLION 473 60.8 Wfizen BILLION Microsoft BILLION bbbb 454,3 Only a few of the largest companies BILLION account for most of 53.4 MERCK the offshore stash BILLION 49 1.7 T Johnmon-Johwon BILLION 1.6 T 1.46 T EyonMobil BILLION 1.3 T On average, TIHE UNITEIB SENTES OAM CA for every 1 dollar CB1230251D companies keep DNE DOLLAR 0.8 T at home they park THE ENITEISENTES OPAMERICA 3 dollars offshore ONEOL AR THE UNITED SENIEN OPAMEHICA TIHE ENITEIDSENEN OAMERICA ONE DOLAR ONE DOL AK WHERE DO THEY STASH THE CASH? Over 2 million companies are registered in almost 70 tax havens worldwide THE UGLAND HOUSE A five story building in the Cayman Islands that 18,857 companies call "home." THE CORPORATION TRUST CENTER "either the biggest building in the world or the biggest tax scam in the world." 1209 North Orange Street, Wilmingtlon, Delaware 19801-1120 Home to over 6,500 corporations and more than 200,000 businesses. Delaware, as a state, is home to over 945,000 companies but has a population of only 917,000. -President Barack Obama Gibraltar British Virgin Islands Campione d'Italia Cayman Islands Cook Islands Costa Rica Curaçao Cyprus Delaware St. Lucia St. Martin St. Vincent and the Grenadines Switzerland Alaska Liberia Nauru Liechtenstein Luxembourg Macao Andorra Anguilla Antigua Barbuda Grenada Guernsey Navada Netherlands Niue Hong Kong Ireland Isle of Man Jebel Ali Free Zone Maldives Malta Marshall Islands Panama Texas Aruba Bahamas Samoa Bahrain Barbados Belize Bermuda San Marino Seychelles Singapore South Dakota Tonga Turks and Caicos Islands US Virgin Islands Jersey Jordan Labuan Mauritius Djibouti Dominica Micronesia Vanuatu Washington Wyoming Monaco Florida Lobanon Montserrat St. Kitts and Nevis HOW DO THEY DO IT? PICK A HAVEN (see above) 1 Choose wisely for step #6. SET UP YOUR "FOREIGN" ENTITY RVIC Or buy a ready-made company for about a grand. READY-MADE COMPANY Price: $1.000 HIRE A "NOMINEE" TO DO YOUR BIDDING You're basically buying an identity to keep yours a secret, but your nominee is going to want a "signed but not dated" resignation letter in case things get hairy. GET YOUR "NOMINEE" TO OPEN A BANK ACCOUNT 4 Don't worry. Your Nominee won't say anything about you or your money. In most cases it's illegal for others (e.g. the IRS) to obtain any information from your Nominee. STASH YOUR CASH Credit profits to your "foreign" company. Stage a lawsuit and settle outside of court. Send it undeclared in increments under 10K. Buy some overpriced art. And what about jewels? Get creative. GET YOUR CASH BACK Wait for the US to offer a tax holiday and bring your cash back with a low tax, or do the opposite of #5. Or retire wherever you set up your tax haven (choose wisely in step #1), and alas you and your money can be reunited. TAX FREE SOURCES www.economist.com/news/leaders/21571873-how-stop-companies-and-people-dodging-tax-delaware-well-grand-cayman-missing-20 www.scribd.com/fullscreen/134015001?access_key=key-7wqo6wfkaómmlv2g5zo www.icij.org/offshore/how-nominee-trick-done www.icij.org/offshore/video-tax-havens-101-high-cost-offshore www.icij.org/offshore/interactive-stash-your-cash www.taxjustice.net/cms/upload/pdf/The_Price_of_Offshore_Revisited_Presser_120722.pdf www.ibtimes.com/ge-pfizer-microsoft-apple-other-major-us-corporations-are-parking-more-cash-abroad-avoid-paying www.imf.org/external/ www.ctj.org/pdf/unrepatriatedprofits.pdf www.business.time.com/2013/01/24/should-uncle-sam-be-doing-more-to-get-his-hands-on-the-1-7-trillion-u-s-companies-hold-overseas/ /2010/wp1038.pdf 3.odf a/reports/usp www.uspirg.org/reports/usp/what-america-could-do-150-billion-lost-offshore-tax-havens www.nytimes.com/2 www.thinkprogress.org/economy/2013/03/11/1699101/corporate-profits-tax-havens/ www.en.wikipedia.org/wiki/Tax haven www.en.wikipedia.org/wiki/Ugland House www.en.wikipedia.org/wiki/1209_North_Orange_Street .com/2012/07/01/business/how-delaware-thrives-as-a-corporate-tax-haven.html@pagewanted-all 12013 www.en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal) www.forbes.com/sites/brucejapsen/2013/01/07/unpaidhospital-bills-rise-to-41-billion-annually/ www.articles.latimes.com/2008/jun/23/opinion/ed-food23 Brought to you by www.online-accounting-degrees.net DESIGNED BY ERIC PHILLIPS.NET 20 COMPANIES 60 COMPANIES 83 COMPANIES 290 COMPANIES

Tax Havens of the Wealthy and Powerful

shared by edgarrr on May 09
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More and more companies are stashing their cash offshore, and they're doing it at alarming rates. Why? Put simply, it's about eluding the tax man.

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