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… But even though various criminal money-laundering schemes are the sexiest possible use of shell companies, the day-to-day tax dodging is what really pays the bills. As a manager of offshore bank accounts told me years ago, “People think of banking secrecy as all about terrorists and drug smugglers, but the truth is there are a lot of rich people who don’t want to pay taxes.” And the system persists because there are a lot of politicians in the West who don’t particularly want to make them. …

… Incorporating your hedge fund in a country with no corporate income tax even though all your fund’s employees and investors live in the United States is perfectly legal. So is, in most cases, setting up a Panamanian shell company to own and manage most of your family’s fortune.

Grizalltheway wrote:Shouldn't the Ayn Rand-ian conks be in favor of this? Captains of industry protecting their hard-earned wealth from the evil redistributionists?

CitadelGrad wrote:Well, maybe not nothing. The heads of state in Ukraine and Iceland are under pressure to resign because of this.

Skjellyfetti wrote:[youtube]https://www.youtube.com/watch?v=LrsI0Sw2hq8[/youtube]

Chizzang wrote:

CitadelGrad wrote:Well, maybe not nothing. The heads of state in Ukraine and Iceland are under pressure to resign because of this.

Under pressure to resign...
If I could steal millions of dollars and the result was "pressure"
not 50 years in prison

So what....

Chizzang wrote:

CitadelGrad wrote:Well, maybe not nothing. The heads of state in Ukraine and Iceland are under pressure to resign because of this.

Under pressure to resign...
If I could steal millions of dollars and the result was "pressure"
not 50 years in prison

So what....

Grizalltheway wrote:Shouldn't the Ayn Rand-ian conks be in favor of this? Captains of industry protecting their hard-earned wealth from the evil redistributionists?

CitadelGrad wrote:Well, maybe not nothing. The heads of state in Ukraine and Iceland are under pressure to resign because of this.

SDHornet wrote:

Grizalltheway wrote:Shouldn't the Ayn Rand-ian conks be in favor of this? Captains of industry protecting their hard-earned wealth from the evil redistributionists?

Or we could lower corporate taxes so that the cost and hassle of going through this isn't worth it...of course now there will just be another "Panama" that will get something like this going.

I equate this feel good story to the increase in minimum wage to $15 CA just passed. Yeah it's cool, but it really just increases the demand for cheap illegal labor.

tribe_pride wrote:

CitadelGrad wrote:Well, maybe not nothing. The heads of state in Ukraine and Iceland are under pressure to resign because of this.

I read that the Iceland PM just resigned

Ivytalk wrote:

Grizalltheway wrote:Shouldn't the Ayn Rand-ian conks be in favor of this? Captains of industry protecting their hard-earned wealth from the evil redistributionists?

Yeah, but Panama is so tacky and third-worldy. Whatever happened to the good old days of Switzerland?

Ivytalk wrote:Delaware's losing the Corporate Race to the Bottom.

SDHornet wrote:

Grizalltheway wrote:Shouldn't the Ayn Rand-ian conks be in favor of this? Captains of industry protecting their hard-earned wealth from the evil redistributionists?

Or we could lower corporate taxes so that the cost and hassle of going through this isn't worth it...of course now there will just be another "Panama" that will get something like this going.

I equate this feel good story to the increase in minimum wage to $15 CA just passed. Yeah it's cool, but it really just increases the demand for cheap illegal labor.

dbackjon wrote:Taxes are for the little people.

SDHornet wrote:

Chizzang wrote:


Under pressure to resign...
If I could steal millions of dollars and the result was "pressure"
not 50 years in prison

So what....

No kidding.

JoltinJoe wrote:

SDHornet wrote: No kidding.

We've become so tolerant of leaders who amass great personal wealth and the expense of the public.

Kings and despots were hanged or beheaded for these type of atrocities at the start of the Enlightenment era. Which is why we can all tour Versailles today.

Would today's despots be so quick to gorge themselves like this if they feared having their necks being placed under the guillotine?

Hey, just a thought ...

dbackjon wrote:

JoltinJoe wrote: We've become so tolerant of leaders who amass great personal wealth and the expense of the public.

Kings and despots were hanged or beheaded for these type of atrocities at the start of the Enlightenment era. Which is why we can all tour Versailles today.

Would today's despots be so quick to gorge themselves like this if they feared having their necks being placed under the guillotine?

Hey, just a thought ...

I'm down for a little revolution.

JoltinJoe wrote:

SDHornet wrote: No kidding.

We've become so tolerant of leaders who amass great personal wealth and the expense of the public.

Kings and despots were hanged or beheaded for these type of atrocities at the start of the Enlightenment era. Which is why we can all tour Versailles today.

Would today's despots be so quick to gorge themselves like this if they feared having their necks being placed under the guillotine?

Hey, just a thought ...

bandl wrote:

dbackjon wrote:
I'm down for a little revolution.

Uh, your peeps don't do so well in these revolutions....you know?