Keyword: capitalflight

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  • Boss make too much? California bill would punish firms that shower CEOs with money

    04/25/2014 6:05:28 PM PDT · by artichokegrower · 28 replies
    Santa Cruz Sentinel ^ | 04/25/2014 | Jessica Calefati
    Noting that America's middle class has lost its distinction as the wealthiest in the world, two Bay Area lawmakers say they're attacking income inequality with legislation that would link a company's tax rate to the gap between executive pay and average employee wages.
  • As Money Flees Russia, Tycoons Find Tough Times

    12/12/2011 2:34:17 AM PST · by TigerLikesRooster · 11 replies
    NYT ^ | 12/10/11 | ANDREW E. KRAMER
    December 10, 2011 As Money Flees Russia, Tycoons Find Tough Times By ANDREW E. KRAMER MOSCOW NIKOLAI MAKSIMOV, one of the richest men in Russia, was sitting in a grimy jail cell in the Ural Mountains. Through the murk, Mr. Maksimov saw his cellmate — a man, he says, who appeared ill with tuberculosis, a scourge in Russian prisons. “I had the feeling that I was put in this cell on purpose,” Mr. Maksimov, now free on bail, recalled recently. Mr. Maksimov, who was arrested in February on suspicion of embezzling hundreds of millions of dollars, is hardly the only...
  • Many Rich Chinese Consider Leaving

    11/03/2011 7:47:57 PM PDT · by TigerLikesRooster · 27 replies
    WSJ ^ | 11/02/11 | JEREMY PAGE
    Many Rich Chinese Consider Leaving By JEREMY PAGE BEIJING—More than half of China's millionaires are either considering emigrating or have already taken steps to do so, according to a survey that builds on similar findings earlier this year, highlighting worries among the business elite about their quality of life and financial prospects, despite the country's fast-paced growth. The U.S. is the most popular emigration destination, according to the survey of 980 Chinese people with assets of more than 10 million yuan ($1.6 million) published on Saturday by Bank of China and wealth researcher Hurun Report. While growth has slowed, China's...
  • 'Run on UK' sees foreign investors pull $1 trillion out of the City

    03/08/2009 1:44:05 AM PST · by TigerLikesRooster · 69 replies · 2,095+ views
    'Run on UK' sees foreign investors pull $1 trillion out of the City
  • Oil Companies Voting With Their Feet

    12/12/2008 5:41:13 PM PST · by Kaslin · 41 replies · 1,676+ views
    IBD Editorials ^ | December 12, 2008
    Energy: Another day, another oil company fleeing the country. No, this isn't Ecuador, the banana republic that just defaulted on its debt after chasing out investors. It's the United States, and what we're seeing is self-defense.Much political hay has been made in Congress about "unpatriotic" corporations that move operations abroad. Weatherford International is the latest, taking its headquarters from Houston to Switzerland. The oil services company said that it wants to be closer to its markets. But what it really meant was that it no longer saw the future in the U.S. In a political atmosphere of blaming corporations, it's...
  • Rich Venezuelans, alarmed by Chavez's socialism, head to Florida

    03/03/2007 8:39:09 AM PST · by rellimpank · 46 replies · 1,192+ views ^ | 03 Mar 07 | LAURA WIDES-MUNOZ
    As Venezuelan President Hugo Chavez further tightens control of the South American country's economy, wealthy Venezuelans who once thought they could live with his socialist edicts are turning to their backup plan - flight to the United States, particularly Florida. Venezuelans have long gobbled up condos and pre-construction deals in Florida as investments, but the latest buyers want homes where they can live and business properties that will help them earn a green card. "First the people who come are the businessmen in the highest circles, then the losing politicians, then the military and then the professionals," said Miami-based immigration...
  • Universal health care plan approved in San Francisco

    07/18/2006 5:47:21 PM PDT · by NormsRevenge · 89 replies · 1,714+ views
    ap on Riverside Press Enterprise ^ | 7/18/06 | Lisa Leff - ap
    SAN FRANCISCO The San Francisco Board of Supervisors voted unanimously Tuesday to make the city the nation's first to provide all residents with health care, approving a plan that would give adults access to medical services regardless of their immigration or employment status. Financed by local government, mandatory contributions from employers and income-adjusted premiums, the universal care plan would cover the cost of everything from checkups, prescription drugs and X-rays to ambulance rides, blood tests and operations. Unlike health insurance, however, it would not pay for any services participants seek outside San Francisco. Instead, residents would receive care at existing...
  • The Economy Bomb - Ticking Down Faster

    05/11/2004 7:09:17 AM PDT · by Action-America · 97 replies · 1,597+ views
    Action America ^ | May 10, 2004 | John Gaver
    The Economy BombTicking Down FasterMore proof that legislative attacks upon the wealthiest 1% of Americans could soon wreck our economy. May 10, 2004 by John Gaver Publishers note: To reflect the large amount of relevant new data that has emerged over the last year, we felt that the annual update to our popular Tick-Tick-Tick article deserved a new name. Although this article contains much of what is in that article, the additional volume of new data actually constitutes a significant rewrite. Unfortunately, this means that the Economy Bomb is ticking down faster. Fact: The top-earning 1% of US taxpayers pay...
  • ?Borrow and Run from the Dollar? - The Fed?s Investment Opportunity

    10/21/2003 11:03:40 AM PDT · by sourcery · 7 replies · 258+ views
    Specialty Finance Group, LLC ^ | October 17, 2003 | Richard Benson
    Short term interest rates have dropped to a 45 year low at a time when tax revenues, as a percent of GDP, are at a 44 year low; budget deficits are exploding upwards; the economy still has capacity utilization under 75% and the delightful increase in corporate profits are from cost cutting not revenue growth or the need for new investment. Indeed, there is virtually no return on capital investment in this country. If there was a return on capital, new factories would be built here in the U.S., not in Asia. The return on capital in Asia comes from...
  • Hiding Behind the Flag - GOP Assaults on Privacy Drives More Wealth Offshore!

    05/19/2003 3:12:48 AM PDT · by Action-America · 61 replies · 370+ views
    Action America ^ | May 18, 2003 | John Gaver
    Hiding Behind the FlagGOP Assaults on Privacy Drives More Wealth Offshore! by John Gaver May 18, 2003   "The Executive Orders, regulations, and laws enacted over the past year in the name of “anti-terrorism” constitute the greatest single governmental assault on personal and financial privacy in American history.  But there are safe, legal...indeed, wise...steps you can take to grow your wealth and better protect your assets and privacy overseas and offshore."So begins a recent promotion that I received, advertising an exclusive series of private seminars on international real estate, tax law, banking, and investment, aimed at the wealthy and very...
  • IRS Tyranny

    10/19/2002 4:13:41 PM PDT · by Action-America · 25 replies · 419+ views
    Sovereign Society A-Letter ^ | October 18, 2002 | Bob Bauman, JD
    The following is from the Editorial Comment section of the Sovereign Society A-Letter, Friday, October 18, 2002 - Vol. 4 No. 108.  This editorial about the IRS Tyranny, by former congressman Robert E. Bauman, JD, is only a small portion of one of the better issues of the A-Letter. I strongly suggest that you follow the above link to the A-Letter and read the various articles that you will find links to on that page. Comment:  IRS TyrannyDear A-Letter Reader: We often have commented critically about the US Internal Revenue Service and it high handed, even unconstitutional tactics. Its special...
  • Why Stanley Works is no loss to Bermuda

    08/17/2002 12:16:56 PM PDT · by Action-America · 11 replies · 602+ views
    The Royal Gazette (Bermuda) ^ | August 12. 2002 | Cathy Duffy
    (The Royal Gazette is Bermuda's daily newspaper. It seems they understand the US economy and US politics better than do most of the US media and many US voters.)   BUSINESS Friday, August 16, 2002 Contact us Last modified: August 12. 2002 8:51AM Why Stanley Works is no loss to Bermuda Cathy Duffy Insurance Issues by Cathy Duffy Some are reacting to the Stanley Works decision to remain in the US as if it was really bad news for Bermuda. The decision may do more good for Bermuda than bad. With Stanley Works making the decision to stay in Connecticut,...
  • Bush co. went offshore

    08/02/2002 1:37:29 PM PDT · by Action-America · 100 replies · 418+ views
    Bush co. went offshore Harken Energy set up Caymans subsidiary in '89 By TIMOTHY J. BURGER DAILY NEWS WASHINGTON BUREAU WASHINGTON - Harken Energy Corp. set up an offshore subsidiary in the Cayman Islands tax haven while President Bush sat on Harken's board of directors in 1989, the Daily News has learned. The revelation comes as Republican lawmakers are roundly criticizing the practice of U.S. companies setting up offshore subsidiaries, usually to skirt American disclosure laws or corporate income taxes on foreign income.Even White House spokesman Ari Fleischer condemned the tactic yesterday, saying, "The President is concerned about corporations in...
  • Congress Targets Tax Havens (Republicans Betray Their Principles - again)

    07/31/2002 7:38:31 PM PDT · by Action-America · 78 replies · 575+ views
    Washington Post ^ | July 30, 2002 | Juliet Eilperin and Jonathan Weisman
    <p>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.</p> <p>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.</p>
  • Defending the American Dream

    07/05/2002 8:04:38 PM PDT · by Action-America · 88 replies · 505+ views
    Action America ^ | July 4, 2002 | John Gaver
    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...
  • Democrats Blast Firms Over Offshore Tax Breaks

    05/20/2002 2:54:57 AM PDT · by Action-America · 29 replies · 519+ views
    Reuters ^ | May 18, 2002 11:15 AM ET | Reuters
    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...
  • Cooper shareholders back shift to Bermuda

    05/17/2002 9:32:09 PM PDT · by Action-America · 9 replies · 287+ views
    Houston Chronicle ^ | May 15, 2002, 7:40AM | NELSON ANTOSH
    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

    05/16/2002 2:27:25 PM PDT · by Action-America · 26 replies · 353+ views
    Newsday ^ | May 14, 2002, 4:51 PM EDT | Associated Press
    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...
  • Enough is Enough

    05/10/2002 3:51:41 PM PDT · by Action-America · 41 replies · 488+ views
    Fox News ^ | Friday, May 10, 2002 | Neil Cavuto
    <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>
  • Bad Tax Policy: You Can Run

    05/09/2002 1:14:57 PM PDT · by Action-America · 8 replies · 386+ views
    The Heritage Foundation ^ | 05/02/02 | Daniel J. Mitchell
    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...
  • Tax Reform, not Fiscal Protectionism, is the Right Response to Corporate Flight

    05/01/2002 4:58:23 PM PDT · by Action-America · 14 replies · 343+ views
    Center for Freedom and Prosperity ^ | March 12, 2002 | CFP Press Release
    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...
  • U.S. Companies Rush to Go Offshore

    04/29/2002 11:45:48 PM PDT · by Action-America · 11 replies · 386+ views
    Associated Press ^ | APRIL 26, 14:48 ET | Curt Anderson
    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 —...
  • Bermuda Straight Government greed is causing corporate flight.

    04/29/2002 12:57:30 PM PDT · by Action-America · 8 replies · 317+ views
    National Review ^ | April 18, 2002, 8:30 a.m. | Veronique de Rugy
    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 - See offshore reincorporation as way to boost profits

    04/20/2002 12:50:10 PM PDT · by Action-America · 84 replies · 1,062+ views
    Houston Chronicle ^ | April 20, 2002, 1:55AM | Nelson Antosh
    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...
  • Astros' Venezuelans keeping an eye on country's political unrest - Castro likes baseball too

    04/17/2002 1:36:50 AM PDT · by Cincinatus' Wife · 7 replies · 907+ views
    Houston Chroncle ^ | April 17, 2002 | JOSE DE JESUS ORTIZ
    Carlos Hernandez laughed heartily at his countrymen's chants each time outfielder Endy Chavez went to the plate for Venezuela in the Caribbean World Series this winter in Caracas. It seemed cute and clever, but definitely not a prelude to a coup. Whether the host Venezuelans were playing Mexico, Puerto Rico or the Dominican Republic, it didn't matter. The fans saved their greatest scorn for their own president, Hugo Chavez, a man many consider Latin America's next Fidel Castro. "Endy, si!" the fans cried out. "Chavez, no!" In other words: Endy, yes. Chavez, no. Those ballpark chants have resonated lately for...