quiz - no googling

Hellsangel wrote:In the Caribbean. The trees give it away

MaxEntropy_Man wrote:

Hellsangel wrote:In the Caribbean. The trees give it away

right, but where exactly?
hint: that building is the registered address of more than 18,000 companies.

Rishi wrote:

MaxEntropy_Man wrote:

Hellsangel wrote:In the Caribbean. The trees give it away

right, but where exactly?
hint: that building is the registered address of more than 18,000 companies.

Cayman Islands

The new report describes “a modest five-story office building” known as Ugland House in the Cayman Islands. “It is the registered address for 18,857 companies.” The Cayman Islands have a population of about 55,200, so that is one company for every three people. And of course many companies are registered in other buildings.

http://www.davidstuff.com/opinion/taxes.htm wrote:
The U.S. holds the honor of being the highest tax nation on Earth and probably in the solar system.  This is the principal reason that Ugland House exists.  Some politicians want to compound the problem by raising corporate taxes even higher.  Barack Obama, Hillary Clinton and other Democrats have even promised, if elected, to impose a windfall profits tax on Exxon-Mobile and other oil companies. Exxon is the largest oil company in the U.S. and the 14th largest in the world.  Exxon has operations all over the world and they already have huge regional offices in Abu Dhabi, United Arab Emirates, Oman and Yemen.  Those countries tax corporations only on income earned in those countries and if Exxon is creating profits there, they are already paying those taxes.  Should the U.S. congress be successful in legislating a windfall profits tax on Exxon, just how long do you think it would be before Exxon packed up and moved their headquarters from Houston to one of their regional offices on the Arabian peninsula?  Say goodbye to ANOTHER U.S. corporation.

The U.S. is one of only two nations that taxes its citizens and corporations on their income from wherever it is derived. Anywhere and everywhere in the world. U.S. citizens are also taxed on investments directly or indirectly made through foreign trusts and foreign corporations, including offshore trusts and IBC's. Thus, the fact that an offshore jurisdiction may have low or no taxes does not mean that a U.S. citizen doing business there will enjoy only low or no taxes on the personal income made. There are simply no PERSONAL income tax advantages, at all, for U.S. citizens to use offshore structures, and anyone who tells you differently is telling you a falsehood. The U.S. congress does not care WHERE you make your income, they simply demand their share.

However, corporations are different. They are legal entities holding citizenship in the country where they are organized.

MaxEntropy_Man wrote:but what the actual tax rate is only of academic interest since corporations do not pay any. i can tell you this, no matter what the rate is, zero will always sound better to them. btw, the article your quote is from is from 2008. obama has since gotten elected; twice.  has he imposed windfall profit taxes on exxon mobil?

Why do you think U.S. Senator Edward M. (Ted) Kennedy has moved his entire personal estate assets to an offshore trust located in Tortola, BVI? Possibly because BVI has no estate or death tax? Kennedy has few personal assets in the U.S. The family pays an annual rent (to cover property taxes, insurance, maintenance, operations, etc.) to his BVI trust for his considerable luxury compounds located in Martha's Vineyard, Palm Beach and elsewhere. I am a man of modest means, but when we both die I suspect my death tax bill will be larger than his.

Hellsangel wrote:

MaxEntropy_Man wrote:but what the actual tax rate is only of academic interest since corporations do not pay any. i can tell you this, no matter what the rate is, zero will always sound better to them. btw, the article your quote is from is from 2008. obama has since gotten elected; twice.  has he imposed windfall profit taxes on exxon mobil?

Ooh! That giant among Democrats:

Why do you think U.S. Senator Edward M. (Ted) Kennedy has moved his entire personal estate assets to an offshore trust located in Tortola, BVI?  Possibly because BVI has no estate or death tax?  Kennedy has few personal assets in the U.S.  The family pays an annual rent (to cover property taxes, insurance, maintenance, operations, etc.) to his BVI trust for his considerable luxury compounds located in Martha's Vineyard, Palm Beach and elsewhere.  I am a man of modest means, but when we both die I suspect my death tax bill will be larger than his.

MaxEntropy_Man wrote:

Hellsangel wrote:

MaxEntropy_Man wrote:but what the actual tax rate is only of academic interest since corporations do not pay any. i can tell you this, no matter what the rate is, zero will always sound better to them. btw, the article your quote is from is from 2008. obama has since gotten elected; twice.  has he imposed windfall profit taxes on exxon mobil?

Ooh! That giant among Democrats:

Why do you think U.S. Senator Edward M. (Ted) Kennedy has moved his entire personal estate assets to an offshore trust located in Tortola, BVI?  Possibly because BVI has no estate or death tax?  Kennedy has few personal assets in the U.S.  The family pays an annual rent (to cover property taxes, insurance, maintenance, operations, etc.) to his BVI trust for his considerable luxury compounds located in Martha's Vineyard, Palm Beach and elsewhere.  I am a man of modest means, but when we both die I suspect my death tax bill will be larger than his.

because he wasn't an idiot and because he could. buffett often says his tax rate should be higher, but that doesn't mean he pays a penny more than what he legally has to. we are discussing policy for everyone here, not what individuals choose to do under existing policies. it is clear that all rational individuals are going to maximize what they keep under existing laws (i.e. if they are inclined to obeying laws).

Hellsangel wrote:

MaxEntropy_Man wrote:

Hellsangel wrote:

MaxEntropy_Man wrote:but what the actual tax rate is only of academic interest since corporations do not pay any. i can tell you this, no matter what the rate is, zero will always sound better to them. btw, the article your quote is from is from 2008. obama has since gotten elected; twice.  has he imposed windfall profit taxes on exxon mobil?

Ooh! That giant among Democrats:

Why do you think U.S. Senator Edward M. (Ted) Kennedy has moved his entire personal estate assets to an offshore trust located in Tortola, BVI?  Possibly because BVI has no estate or death tax?  Kennedy has few personal assets in the U.S.  The family pays an annual rent (to cover property taxes, insurance, maintenance, operations, etc.) to his BVI trust for his considerable luxury compounds located in Martha's Vineyard, Palm Beach and elsewhere.  I am a man of modest means, but when we both die I suspect my death tax bill will be larger than his.

because he wasn't an idiot and because he could. buffett often says his tax rate should be higher, but that doesn't mean he pays a penny more than what he legally has to. we are discussing policy for everyone here, not what individuals choose to do under existing policies. it is clear that all rational individuals are going to maximize what they keep under existing laws (i.e. if they are inclined to obeying laws).

Stop complaining about Romney then.

MaxEntropy_Man wrote:

Hellsangel wrote:

MaxEntropy_Man wrote:

Hellsangel wrote:

MaxEntropy_Man wrote:but what the actual tax rate is only of academic interest since corporations do not pay any. i can tell you this, no matter what the rate is, zero will always sound better to them. btw, the article your quote is from is from 2008. obama has since gotten elected; twice.  has he imposed windfall profit taxes on exxon mobil?

Ooh! That giant among Democrats:

Why do you think U.S. Senator Edward M. (Ted) Kennedy has moved his entire personal estate assets to an offshore trust located in Tortola, BVI?  Possibly because BVI has no estate or death tax?  Kennedy has few personal assets in the U.S.  The family pays an annual rent (to cover property taxes, insurance, maintenance, operations, etc.) to his BVI trust for his considerable luxury compounds located in Martha's Vineyard, Palm Beach and elsewhere.  I am a man of modest means, but when we both die I suspect my death tax bill will be larger than his.

because he wasn't an idiot and because he could. buffett often says his tax rate should be higher, but that doesn't mean he pays a penny more than what he legally has to. we are discussing policy for everyone here, not what individuals choose to do under existing policies. it is clear that all rational individuals are going to maximize what they keep under existing laws (i.e. if they are inclined to obeying laws).

Stop complaining about Romney then.

have i ever said romney has done anything illegal? he's such a straight arrow that i can't even imagine something like that.