Warm Southern Breeze

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Posts Tagged ‘tax haven’

Congressional Budget Office: Offshore Corporate Tax Havens Cost each Citizen $1259

Posted by Warm Southern Breeze on Thursday, April 17, 2014

Historically, our nation has prospered when tax rates on the ULTRA wealthy and corporations were highest.

In the period following World War II, under President Dwight David Eisenhower – a Republican, and former Supreme Allied Commander / 5ive Star General – Corporate Tax rates have continually declined.

Now, during the Obama administration, they are at the LOWEST they have EVER been.

Corporate Income Tax Rates have continually declined

Corporate Income Tax Rates have continually declined the peaked during the Eisenhower administration. The formula is: b/(a+b) Where (a) Corporate Profits After Tax (without IVA and CCAdj), Billions of Dollars, Seasonally Adjusted Annual Rate (CP); And (b) Federal Government: Tax Receipts on Corporate Income, Billions of Dollars, Not Seasonally Adjusted (FCTAX)

Tax Havens Leave U.S. Filers $1,259 Tab Each, Report Says

U.S. taxpayers would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report.

Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law -– all supported in one way or another by tax dollars -– but they avoid paying for these benefits,” U.S. Public Interest Research Group said in the report released today, the deadline for filing 2013 taxes.
ref: http://www.uspirg.org/reports/usp/picking-tab-2014

“Instead, ordinary taxpayers end up picking up the tab, either in the form of higher taxes, cuts to public spending priorities, or increases to the federal debt,” it said.

In total, the U.S. loses $150 billion in federal revenue and another $34 billion in state revenue annually because of money parked in tax havens, the Boston-based consumer advocacy group concluded.

That’s almost Read the rest of this entry »

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Posted in - Business... None of yours, - Lost In Space: TOTALLY Discombobulated | Tagged: , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Do We Now Know Enough About Mitt Romney’s Taxes?

Posted by Warm Southern Breeze on Friday, September 28, 2012

MAKING SEN$E — September 28, 2012 at 5:04 PM EST

Do We Now Know Enough About Mitt Romney’s Taxes?

By: Paul Solman

US Republican presidential candidate Mitt Romney speaks at a town hall meeting at Central High School in Grand Junction, Colorado, on July 10, 2012, where he said he has ‘nothing hidden’ in his taxes. Photo by: Nicholas Kamm/AFP/Getty Images

It’s hard enough to figure out my own taxes every year without having to worry about Mitt Romney’s. But because the issue of Romney’s taxes has come to loom so large, I thought I’d better get some professional advice. So I sought out a friend, estate planning lawyer Matthew Berlin, who has modest clients like me as well as the high and well-heeled, some of them with assets abroad. I asked him if we now knew all we need to know, at least with respect to the tax returns Mitt Romney has disclosed publicly.

No, said Matthew. There are a host of questions that any inquiring tax attorney or journalist might ask. Without them, a true picture of Romney’s finances would be impossible. So I asked Matthew if he wouldn’t share the questions with us. Here they are: Read the rest of this entry »

Posted in - Politics... that "dirty" little "game" that first begins in the home. | Tagged: , , , , , , , , , , , , , , , , , , | Leave a Comment »

Mitt Romney demonstrates more hypocrisy, required Paul Ryan show several years tax returns

Posted by Warm Southern Breeze on Sunday, August 12, 2012

What’s that smell?

Oh… never mind.

It’s the hypocrisy cooking.

Paul Ryan gave Romney camp several years of tax returns

1:26pm EDT
Republican presidential candidate Romney listens to his vice president elect Ryan speak at a campaign event in Mooresville

Republican presidential candidate Mitt Romney (R) listens to his vice president selection, U.S. Congressman Paul Ryan (R-WI) speak at a campaign event at the NASCAR Technical Institute in Mooresville, North Carolina August 12, 2012. REUTERS/Shannon Stapleton

WASHINGTON (Reuters) – Mitt Romney released two years of his own tax returns to the public but that didn’t appear to be enough when he vetted running-mate Paul Ryan and other vice presidential candidates.

The campaign team for Romney, the Republican presidential candidate, reviewed several years of tax returns from Ryan and other, according to the head of Romney’s VP search process Beth Myers.

But Romney – a former private equity executive with an estimated net worth of up to $250 million – has refused to Read the rest of this entry »

Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

Secret Swiss Bank accounts, Cayman Island Bank accounts, Bermuda Tax Haven Bank accounts… what does Mitt Romney have to hide?

Posted by Warm Southern Breeze on Sunday, July 15, 2012

What does Mitt Romney have to hide?

Why won’t he live up to his late father’s example, and voluntarily and openly reveal all his tax records?

Where the Money Lives

August 2012, 2012-08-08 T11:00:24.000-04:00

By Nicholas Shaxson

For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.

Mitt Romney Cayman Islands banking

BURIED TREASURE Grand Cayman, where Bain Capital maintains at least 138 funds. Inset, Mitt Romney tries to spot his La Jolla home from the campaign plane. ©Ruth Tomlinson/Robert Harding World Imagery/Corbis (beach); by Justin Sullivan/Getty images (inset).

A person who worked for Mitt Romney at the consulting firm Bain and Co. in 1977 remembers him with mixed feelings. “Mitt was … a really wonderful boss,” the former employee says. “He was nice, he was fair, he was logical, he said what he wanted … he was really encouraging.” But Bain and Co., the person recalls, pushed employees to find out secret revenue and sales data on its clients’ competitors. Romney, the person says, suggested “falsifying” who they were to get such information, by pretending to be a graduate student working on a proj­ect at Harvard. (The person, in fact, was a Harvard student, at Bain for the summer, but not working on any such proj­ects.) “Mitt said to me something like ‘We won’t ask you to lie. I am not going to tell you to do this, but [it is] a really good way to get the information.’ … I would not have had anything in my analysis if I had not pretended.

“It was a strange atmosphere. It did leave a bad taste in your mouth,” the former employee recalls.

This unsettling account suggests the young Romney—at that point only two years out of Harvard Business School—was willing to push into gray areas when it came to business. More than three dec­ades later, as he tried to Read the rest of this entry »

Posted in - Lost In Space: TOTALLY Discombobulated, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

 
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