Warm Southern Breeze

"… there is no such thing as nothing."

Posts Tagged ‘National Defense Authorization Act’

The Wealthy And Kelly Loeffler’s Tax Dodging Days To End Soon

Posted by Warm Southern Breeze on Friday, November 27, 2020

Congress will soon do something phenomenally noteworthy, and the outgoing President has said nothing about it. It could be because his predecessor had a hand in its initiation by co-sponsoring it in 2008, and because it had not yet become law by the time Obama left the White House, the soon-outgoing President could claim some degree of ostensible “plausible deniability,” for it will undoubtedly affect him, his clan, and numerous other very wealthy individuals.

The prospective legislation does not appear anywhere in the Congress.gov website, because it is set to be a “rider” on the National Defense Authorization Act (NDAA), which is one of the final bills that this Congress will pass this year.

The legislation is remarkable for several reasons, not the least of which is that it was the result of collaboration among progressive Democrats, conservative Republicans and Secretary of the Treasury Steven Mnuchin – groups not particularly known for their cooperation.

Because the bill significantly touches upon matters involving National Security, it will be an addition to the NDAA, and will require millions of anonymous business entities aka “shell corporations” to reveal their owners/beneficiaries to the United States Government in an effort to deter money laundering by hostile governments, global narcotraffickers, and other wealthy individuals who would elude American anti-money laundering laws.

Surprisingly little discussion about this momentous matter has been made by news reporting outlets, and yet, as Clark Gascoigne, Senior Policy Adviser for the Financial Accountability and Corporate Transparency Coalition said,

“It is certainly the most significant anti-money laundering reform in 20 years
– and probably the most significant anti-corruption reform as well.”

U.S. based shell companies have allowed drug traffickers, terrorists and America’s foreign enemies to operate freely.

The so-called “Panama Papers” – sometimes also called the “Mossack Fonseca papers” for the name of the obscure Panamanian law firm from which they were obtained – is a collection of well over 11.5 million documents identifying 214,488 entities and shell corporations, their owners, lawyers and the often-illegal network established to manage them, which were made public in 2016. Shell corporations are the anonymizing tools which the world’s wealthy individuals – business titans, celebrities, politicians, and narcotraffickers – use to hide their wealth.

Kelly Loeffler, Georgia’s Appointed Senator who is worth an estimated $500 million apart from her husband Jeffrey Sprecher, aged 65, who is Founder, Chairman, and CEO of Intercontinental Exchange – the company that owns the New York Stock Exchange – also owns a significant portion of the NYSE, and together, they are worth an estimated $800 million to $1 billion dollars.

“Descante,” the mansion/estate of Kelly Loeffler and Jeffrey Sprecher, Founder, President, and CEO of InterContinental Exchange, which owns the New York Stock Exchange is now for sale. List price: $19,000,000.

Their house in the wealthy Atlanta suburb of Buckhead is owned by a shell corporation – Descante.

Loeffler’s financial disclosures list several versions of Descante Capital LLC companies, which serve as holding companies for her primary residence, “Descante,” an extravagant 15,000 square foot $10.5 million Atlanta mansion. However, those disclosures do not list a company called Descante Capital Holdings.

So is the $10 million dollar jet airplane she bought – a 100% tax write-off courtesy of the tax law changes brought by Donald Trump – to fly back-and-forth from Georgia to Washington, D.C.

A Federal Aviation Administration lookup for a mandatory two-year regulatory test shows that the jet’s operator is not listed as an individual, but as a company, Descante Capital Holdings.

Roger Sollenberger wrote a November 20, 2020 10:00AM (UTC) article for Salon which was entitled “Kelly Loeffler’s Disclosures Appear To Omit The Holding Company That Operates Her Private Jet: If the Georgia senator knowingly falsified or omitted information from her disclosure forms, that’s a crime.

Kelly Loeffler dodges taxes by placing ostensible ownership of her many assets into various shell companies, which are run/operated by accountants and/or lawyers for her benefit, though “on paper” it appears as if she has nothing to do with them… and yet, she is the DIRECT beneficiary of them ALL.

For additional information, see: Read the rest of this entry »

Posted in - Business... None of yours, - Even MORE Uncategorized!, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , | Leave a Comment »

 
%d bloggers like this: