Guess Who's Not Paying Their Taxes?

[Triana]

The following index ran in this week's Facing South e-newsletter.

Estimated value of assets the IRS believes to be held in offshore tax havens, countries with nominal taxes and minimal reporting requirements: $5 trillion

Number of countries that aggressively market themselves as tax havens: at least 40

Percent of the biggest U.S. corporations that utilize tax havens: 80

Number of U.S. companies that maintain post office boxes in one 5-story building in the Cayman Islands, a notorious tax haven: over 18,000

Number of tax havens used by Charlotte, N.C.-based Bank of America: 115


MORE...(Including links)

http://www.southernstudies.org/2009/04/guess-whos-not-paying-their-taxes.html

[drm604]

1. K&R

:kick:

[CaliforniaPeggy]

2. Why am I NOT surprised?

K&r

[Muttocracy]

3. I take great delight that a local Bank of America branch was razed

and a local bank went up in its place.

[Triana]

7. that's real progress! n/t

[Muttocracy]

8. local banks near me are doing just fine - I wish THEY could get fancy help

but then of course they might turn into big banks and lose their minds.

edit to add - and credit unions.

[Egnever]

9. I hate those bastards!

when I was 19 I overdrew my account with them 13 cents and they charged me something on the order of $25 , I went in to the bank that day and begged them to let me bring it current and to please waive the charges as I had next to nothing back then. They refused. Well I didn't have the $25 to give them so I think they ended up charging me a late fee or something on top. I don't remember now it was a long time ago.

Long story short I gave up bank accounts for the next 7 years because I refused to pay the ridiculous amount they charged me over 13 cents, and no other bank would let me open an account till that one was paid. I am sure it hurt me more than it did them but there was no way I was giving them that money.

[cherish44]

14. Wow

Luckily my bank would cover me if I overdrew (up to a point, when I was a dumb college kid they slapped me with fees a few times but it taught me the value of recording my checks) Now credit cards are another story. I sent in a payment a week in advance and they got it the day after the due date and charged me a late fee. Luckily I was able to get them to drop it after much bitching

[Muttocracy]

21. They applied my mom's credit card payment to the wrong account

She had two BofA accounts because her other bank had been bought by them. They put the payment on the wrong account and it was hard to get straightened out. I don't remember if it was that incident or a later one, but the particular branch that is no more wouldn't take an in-person payment for a credit card! I was trying to buy a house at the time via a local bank, and that didn't work out, but I did help my mom refinance her debt to them so she got free of BofA - and she was able to pay it off much faster while supporting a nice local bank (not the one that was just built, but another local bank that has just expanded).

[Kat45]

4. K & R

I'm not surprised, but to see the numbers really drives it home. I'll have to read the article tomorrow.

[Norquist Nemesis]

5. Didn't have to guess on that!

Unfortunately, the peons still are in denial and demonstrating in the streets. You know, it has to be really, really tough to come to the realization that your shangrala is a big stinking turd and you're just starting to notice the stink!

[Triana]

6. I have to say that the ignorance of the teabaggers is astounding in light of this...

...and also in light of the moniker they gave their little stunt. Then they had the audacity to complain that it got associated with an "immoral sexual act". Nincompoops. It was THEM who chose the word - which already had that meaning before they chose it. BWAH!

Ignorance.

Astounding ignorance.

Then there's the fact that the tax code they're protesting is bu$hit's (where WERE they for the past 8 years?)


Ignorance has never nauseated me. Until now.

[Norquist Nemesis]

10. "Tax/tax code"

They don't know where to turn or how to figure it out. All they "know" is that taxes are evil...taxes take(steal!) your "hard earned money". It is the be all and end all of their existence.

It would never occur to these people what the reality would be if their raging anger actually gave them the dream to let's take away ALL taxes.

At this point, I say let's do it!!! But be careful what you wish for...tomorrow, there will be a payment box on your windows so that before you open them, you will have to put some coins in the kitty in order to breathe cleaner air. Before you leave for work, you will have to put some coins in a box to get out of the driveway and onto your street...and then there will be a toll at every intersection to pay for the construction and maintenance of every block of roadway that is travelled. Hopefully, you'll make it safely...because if you get into an accident, the police will be handing over a bill upon their arrival that covers the costs. However, since it is no longer taxpayer non-profit, you'll get a plus-up bill for the services of law enforcement and since the union has been busted and everyone is now a contract employee they better be ready to pony up!

As they go through the grocery check-out, there's an extra fee for those who want to ensure their meat has been inspected and that the milk John Jr. is drinking or pouring on his cereal went through the pasteurization process. Then they can prepare a check for the cost of sending John Jr. off to school the next day...the schoolbus will take a second check.

And those drug prescriptions for Mom and Dad? Medicine roullette whether it's the real thing or some poisonous knockoff. (Better start schooling up on herbal remedies, or something just to be certain!)

*sigh* I could go on and on, but it's a waste of time and energy. Until these dolts come to the harsh understanding that their rebellion is fighting for the top 10%...that top 10% that they have as just as good odds (or possibly worse odds) as winning the lottery than actually being a member of!!! Until then, it's a waste of time and effort.

[elehhhhna]

11. WOW, they fit 18000 corporate HQ's in this single building:

http://bp3.blogger.com/_Tdx4C89kS6s/SIifIFftR2I/AAAAAAAAAB0/1XOzvpLBaRY/s320/Ugland+House+Cayman.jpg

[Muttocracy]

22. !!!

[sarcasmo]

12. Go after those Corporations with the p.o. boxes and then tax the exempt churches.

Watch the budget get balanced real quick.

[Triana]

15. Exactamundo, Sarcasmo! I 1000% agree. Love the moniker, bytheway...

..."Sarcasmo" - LOL! Love it.

[starroute]

13. The KBR stuff was the most eye-opening

Number of people working in Iraq for Houston-based KBR who were listed as employees of two shell companies that exist only as computer files in a Cayman Islands office: 21,000

Under the arrangement, which KBR admits it created to avoid payroll taxes, amount in unemployment assistance those employees are entitled to collect should they lose their jobs: $0

---------------

Put that together with the ABC report this week about former KBR contractors who were severely injured in Iraq being screwed over by AIG refusing to honor their insurance claims, and it looks like they got those poor bastards both coming and going.

(When the revolution comes, can we go after KBR first? Please?)

[Triana]

16. It's immoral the way they treated their people, and all of AIG's crap....

It ought to ALL be made illegal - they've robbed our treasury.

Except that the corprats own our gov't - and that's the only reason it isn't illegal.

:mad:

[Wiley50]

17. If I Won the Lottery, The First Thing I'd Do Is Move It Offshore

But, Not to avoid taxes. I'd keep paying them.

I'd want it offshore and out of dollar denominated assets

because I expect the dollar to lose value, perhaps being almost worthless

SOON

Debt is being run up to unimaginable levels

That has to cause inflation to run wild

Also, China and Russia are making noise about ousting the dollar from it's status as Reserve Currency

If that happens, it would be worth less than toilet paper

Anyone else feel this way?

What currency do you think best to move it into?

[Octafish]

18. So THAT's where all that ENRON loot went!

Lucy Komisar has more on the story, too:

Thank you for a most important post, Triana!

[Triana]

26. Nice blog Komisar has there. Bookmarking. n/t

[keep_it_real]

19. I subscribed to their news letter - thanks.

[Triana]

25. Their newsletter is great! Even if you don't live in the South, it's still

very informative and well-done. They're a great organization.

[bluesmail]

20. $5 trillion did surprise me for once. OMFG. eom

[vssmith]

23. What companies report to their shareholders as profit should be

what they are required to report to the IRS as well.

[Thothmes]

24. About half of the current nominees for

posts in this administration?

[DissedByBush]

27. I thought this was another Obama appointee thread

But this is more disturbing.

[Norrin Radd]

28. kr

[Left Coast2020]

29. NPR did a story on off-shore bank accounts and the crack-down

by the IRS. I say hooray to that. I'm happy to hear people will be made to be responsible for their residence in this country As I have said before. If you are am American living and working here, taxes are payment for the privilages of being here. Then you can critize the government all you want. But people who are hipocrits--like Limp-Butt--don't deserve the benefits. Understandable this government has problems, but it we can fix it to make it better.