Free Republic

Defending the American DreamHow the Wealthy Defend Against Taxes, Tort and Terrorism July 4, 2002 John Gaver     As our elected representatives argue among themselves about how best to exert even more legislative control over citizens and corporations, in the name of "fighting terrorism", they fail to realize that just that sort of draconian legislation is actually brewing a virtually unseen crisis of terrifying proportions.  Combine that with the effects of the terrorist attacks of September 11, 2001 and more data that we have uncovered and what you have is a recipe for disaster.The wealthiest people in the United...

This should be titled"Democrats Spread Lies About Expatriation" (Note:  I took the liberty of highlighting the BIG LIE in this article.) Democrats Blast Firms Over Offshore Tax BreaksMay 18, 2002 11:15 AM ETWASHINGTON (Reuters) - Democrats on Saturday said U.S. companies seeking to avoid paying millions of dollars in taxes by moving their headquarters to offshore tax havens were "unpatriotic" and called for legislation to stop the practice."The tax dodgers may set up paper headquarters in Bermuda, but they continue operating in the United States," said Rep. Jim Maloney of Connecticut in the weekly Democratic radio address."They still receive...

May 15, 2002, 7:40AM Cooper shareholders back shift to BermudaBy NELSON ANTOSH Copyright 2002 Houston Chronicle Note:  I highlighted certain words and phrases in bold for later reference. Shareholders of Cooper Industries, one of Houston's largest manufacturing companies, voted 9-to-1 Tuesday to change its place of incorporation from Ohio to Bermuda. With no remaining regulatory hurdles, Cooper expects to be a Bermuda company as soon as possible after the close of business May 21. Cooper is one of several Houston companies reincorporating in Bermuda or the Cayman Islands, primarily to save on income taxes. It is a $4.2 billion-per-year company...

Cooper OKs Bermuda Reincorporation HOUSTON (AP) - Shareholders of a Houston-based manufacturer of electrical products, tools and hardware voted Tuesday to reincorporate the company in Bermuda. Cooper Industries Inc., which is incorporated in Ohio, said the reincorporation offers strategic advantages not available under the company's current structure. Plans for the reincorporation first were announced in February after hand tool maker Danaher Corp. backed away from purchasing Cooper.Cooper counts Crescent wrenches and pliers among its brands.``This change will enhance Cooper's strategic flexibility and our reduced global tax position will significantly increase cash flow - enabling us to further strengthen our balance...

<p>So now Stanley Works wants to move to Bermuda. Fed up with spiraling taxes, the Connecticut toolmaker says it's had enough.</p> <p>And a lot of people are coming down hard on old Stanley, including Connecticut's attorney general, who got the company to hold off for now, pending a legal challenge. He's mad at old Stanley.</p>

Distributed nationally on the Knight-Ridder Tribune wire Bad Tax Policy: You Can Run…By Daniel J. MitchellThe worst Supreme Court decision of all time? One of the leading candidates has to be the infamous 1857 Dred Scott decision, in which the Supreme Court ruled that slaves did not gain freedom by escaping to non-slave states. Instead, they were considered property and had to be returned to their "owners." Some U.S. companies soon may be treated in a similar manner, thanks to legislation being touted by Sens. Max Baucus, D-Mont., and Charles Grassley, R-Iowa. It all starts with the internal revenue...

For Immediate Release Tuesday, March 12, 2002202-285-0244 www.freedomandprosperity.orgTax Reform, not Fiscal Protectionism, is the Right Response to Corporate Flight: CFP Reiterates Call for Territorial Taxation Washington (March 12, 2002) – The Center for Freedom and Prosperity, the nation's leader in the fight for international tax competition, announced today that it will vigorously resist all legislation to restrict the freedom of companies to locate in jurisdictions that have more attractive tax and regulatory environments. Andrew Quinlan, President of the Center, remarked, "Fiscal protectionism is bad policy, and the Center for Freedom and Prosperity will oppose and work vigorously to defeat any legislation...

APRIL 26, 14:48 ET U.S. Companies Rush to Go OffshoreBy CURT ANDERSON AP Tax Writer WASHINGTON (AP) — US companies are scrambling to complete tax-cutting relocations of corporate headquarters to offshore sites as momentum builds in Congress to stop the trickle before it becomes a flood. AP/Al Behrman Workers at the Internal Revenue Service Center in Covington, Ky., sort many of the thousands of tax returns arriving at the center's mail room Monday, April 14, 1997. One company, Leucadia National Corp. — a New York-based holding company whose subsidiaries include Empire Group insurance, plastic manufacturing and American Investment Bank —...

April 18, 2002, 8:30 a.m.Bermuda StraightGovernment greed is causing corporate flight. By Veronique de Rugy As an oppressed French taxpayer, I finally decided to move to the United States. No American ever blamed me for my move. And everyone I have met recognizes that this effort to improve my living standards does not mean I hate my home country. Yet when U.S. firms re-incorporate in low-tax jurisdictions like Bermuda because the U.S. internal revenue code kept them at a competitive disadvantage, we are told that it's because they are "greedy" and "unpatriotic." And politicians are trying to hinder competitive relocations...

Five firms answer call of islands Houston companies see offshore reincorporation as way to boost profits, despite potential backlash (It's starting - The media finally takes notice of IRS induced capital flight / my title)By NELSON ANTOSHCopyright 2002 Houston Chronicle Five Houston companies are racing the clock to move their places of incorporation to a pair of offshore tax havens. The companies -- four in the oil and gas service business and one a manufacturer, Cooper Industries -- see reincorporating in Bermuda or the Cayman Islands as a way to cut their income tax bills, which rewards shareholders and...

The following is the editorial comment in the latest Sovereign Society Offshore A-Letter. Dear Friend: The question arises whether the U.S. Internal Revenue 'Service' is under the control of Pres. George W. Bush, or whether it is simply out of control.  What claims to be a tax cutting administration, one would think, surely wouldn't allow the IRS to harass and smear tens of thousands of honest citizens based on a mere hunch. But, as is the tradition as Income Tax Day, April 15th, approaches, the IRS yesterday launched yet another scare-the-taxpayer press barrage.This time the IRS attacked all Americans with...