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Congress Targets Tax Havens (Republicans Betray Their Principles - again)
Washington Post ^ | July 30, 2002 | Juliet Eilperin and Jonathan Weisman

Posted on 07/31/2002 7:38:31 PM PDT by Action-America

Edited on 07/31/2002 7:47:36 PM PDT by Sidebar Moderator. [history]

With major corporate responsibility legislation passed, elected officials are turning to a new target -- business tax evaders -- in a scramble to convince voters they are cracking down on corporate wrongdoing.

Senate hearings today will touch on the topic, but House members got a head start last week. First, they overwhelmingly approved a corporate responsibility bill drafted largely by Senate Democrats. Then, while debating a less-noticed provision in the president's homeland security proposal, 110 Republican members defied their party's leaders to confront another brand of questionable corporate behavior: companies locating overseas to escape U.S. taxes.

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: axixofevil; capitalflight; expatriate; expatriation; haven; republicans; tax; taxreform
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1 posted on 07/31/2002 7:38:31 PM PDT by Action-America
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To: Action-America
So tax evasion is a principle?
3 posted on 07/31/2002 7:45:23 PM PDT by Huck
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To: Action-America
I believe in the freedom of companies to locate offshore to escape our onerous taxes. I also believe if they government wants to exclude them from federal contracts, that works too. The best thing would be to lower taxes, but these are Republicans and Democrats we're dealing with here.
4 posted on 07/31/2002 7:45:29 PM PDT by gcruse
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To: *Taxreform; Bigun; pigdog; Principled; The Raven; TheCPA; EternalVigilance; ancient_geezer; ...
Heads Up!

 

5 posted on 07/31/2002 7:51:58 PM PDT by Action-America
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To: Action-America
Hey Whitewashed Postings, it isn't tax evasion if it's LEGAL..

It's tax AVOIDANCE; you know, what every taxpayer and business legally does.

Suggestion to Whitewashed Postings owners to avoid the appearance of hypocricy: call your corporate auditors and tell them you'd like to stop avoiding taxes, claim no business expenses, and pay the maximum taxes possible. With luck, you morons will be out of business in a year.

6 posted on 07/31/2002 7:52:39 PM PDT by Semi Civil Servant
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To: one_particular_harbour
And how do they plan to ENFORCE what they pass?

I hope it has some real teeth to it.
Odds are good that many of these scams are also involved in laundering of illegal drug money.
For all the money that's involved, there really hasn't been any BIG exposé of corrupt money laundering, bribery, etc. etc.
You know it's gotta be there, but they only fry the little fish.

7 posted on 07/31/2002 8:02:54 PM PDT by Willie Green
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To: Action-America
Let me put an Al Davis spin on this, if congress tries this. ATLAS SHRUGGED BABY, ATLAS SHRUGGED!!!And with the possibility of a hemisphere free trade zone, coming soon, the congress is pushing economic Jonestown Kool-Aid!
8 posted on 07/31/2002 8:04:13 PM PDT by mlibertarianj
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To: Huck
Fighting unreasonable taxes was the principle upon which this very country was founded.
9 posted on 07/31/2002 8:04:54 PM PDT by fogarty
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To: one_particular_harbour

And how do they plan to ENFORCE what they pass?

You have hit upon the real problem with this legislation.  If they try to enforce this and other wealth punitive legislation, these wealthy corporations will be forced to take the bulk of their operation offshore, including jobs.  Then how will the responsibility dodging Republicans that vote for this tripe respond?  I can hear them now, "I really didn't want to trash the US economy, but I feared for my reelection more than the economy."  Selfish b@$+@#d$.

 

10 posted on 07/31/2002 8:07:09 PM PDT by Action-America
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To: Huck
So tax evasion is a principle?

Minimizing one's tax liability using legal means isn't "tax evasion". It's common sense.

11 posted on 07/31/2002 8:07:41 PM PDT by Principled
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To: fogarty
Unreasonable taxes? Why are they avoiding paying any taxes here in the US? And they expect a tax rebate? Tax havens are an anathema to every citizen who pays taxes! They are passing the tax burden to investors and buyers. Scum in my book...
12 posted on 07/31/2002 8:11:56 PM PDT by Madame de Winter
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To: Madame de Winter
If taxes were not unreasonable they wouldn't be moving offshore! Until the government learns that taxes are TOO DAMN high, then we will continue to lose corporations offshore.

The colonies rebelled over less than a 4% tax rate on stamps. Don't you think that what we pay nowadays (over 40%) is a little unreasonable? If not, then you can take your socialist wasteland and keep it.

13 posted on 07/31/2002 8:14:30 PM PDT by fogarty
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To: Willie Green
Odds are good that many of these scams are also involved in laundering of illegal drug money.

Note to William- minimizing tax using legal means does not make a "scam".

Why do you assume than "many" entities which choose to minimize their tax liabilility using legal means are involved in money laundering and drugs?

Hell I don't know one person who doesn't minimize their taxes. I'm damn sure "many" of them aren't drug lords!!!

14 posted on 07/31/2002 8:14:30 PM PDT by Principled
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To: mlibertarianj
...the congress is pushing economic Jonestown Kool-Aid!

This, mlibertarianj, bears repeating:

...the congress is pushing economic Jonestown Kool-Aid!

15 posted on 07/31/2002 8:15:49 PM PDT by Principled
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To: *Taxreform; Bigun; pigdog; Principled; The Raven; TheCPA; EternalVigilance; ancient_geezer; ...
The following quote from the above article says it all:

GOP pollster Glen Bolger said it made sense that lawmakers would dodge a tough vote when given the opportunity.

In fact, that seems to be all that most elected Republicans do any more - just dodge tough votes.  Apparently, many House Republicans have been attending the DUH-bya School of Political Dodging, in that they:

This article demonstrates that it's time that we start electing new Republicans, because the ones in power today (including DUH-bya) d@#n sure aren't doing the job.

 

16 posted on 07/31/2002 8:20:23 PM PDT by Action-America
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To: Action-America
If they try to enforce this and other wealth punitive legislation, these wealthy corporations will be forced to take the bulk of their operation offshore, including jobs.

Good. The corporate Taliban who have renounced their U.S. citizenship because they're tax deadbeats can seek refuge in Pakistan for all I care.
We can raise our tariffs and lower our domestic corporate income tax and bestow the blessings of our Constitutional free market to those who are proud to be American.

17 posted on 07/31/2002 8:22:36 PM PDT by Willie Green
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To: Principled
Why do you assume than "many" entities which choose to minimize their tax liabilility using legal means are involved in money laundering and drugs?

Because they consistanly relocate to the "tax havens" utilized by the money launderers because the banking laws are lax.
Birds of a feather, flock together.

18 posted on 07/31/2002 8:26:20 PM PDT by Willie Green
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To: Madame de Winter
Unreasonable taxes?

YES! I think so! I would be interested in knowing what you feel is a reasonable tax. 40%? 35%? what?

Why are they avoiding paying any taxes here in the US?

They aren't avoiding all taxes, they're minimizing what they pay in tax. Why in the world would a business pay 15 times as much for office supplies if it could get the same product for far less? It seems rather odd that you would not understand this.

And they expect a tax rebate?

No, they don't. The rebate was for individuals, not business. Further, the amount of that rebate was trivial to the businesses in this context.

Tax havens are an anathema to every citizen who pays taxes!

I would like to know why you think this.

If you had a choice of living on one side of a street that had $1500 monthly property tax bills or across the street with exact same amenities with a $100 tax bill, which would you choose? How is this any different that the situation in the article?

19 posted on 07/31/2002 8:28:38 PM PDT by Principled
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To: Action-America
For years the politicians have been negotiating tax treaties with other countries to stop people from leaving the US's tax system.

There have been some hold-outs. But, I hate to think what it would be like if the entire world was subject to the same tax rate.....taxes would increase and we would never see any breaks from big government.

Perhaps this is why Cuba is still closed. Hmmmmm....
20 posted on 07/31/2002 8:33:03 PM PDT by gortklattu
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