Tag Archives: Fugitive Tax-Slaves

Obama pushes to stop corporate overseas tax moves

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“Treasury Secretary Jacob Lew told both House and Senate leaders in a letter that such deals, known as inversions, ‘hollow out the U.S. corporate income tax base,’ and Congress should immediately enact legislation retroactive to May that stops the practice.  ‘We should not be providing support for corporations that seek to shift their profits overseas to avoid paying their fair share of taxes,’ Lew said in the letter dated Tuesday.  A total of 47 U.S.-based companies have combined with foreign businesses over the past decade in inversions, according to the Congressional Research Service. Several more are planning or considering the move, including Walgreen Co.”

http://www.washingtonpost.com/business/obama-pushes-to-stop-corporate-overseas-tax-moves/2014/07/16/6acd9708-0d21-11e4-bd4e-462c357f0998_story.html

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Real-Estate Investors See No Problem With Puerto Rico

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“There have been about $1 billion in upscale-property deals on the island over the past couple of years, local investors say, even as the island’s economy has fallen into a tailspin and analysts raise the specter of default.  Some see their investments as longer-term bets on Puerto Rico’s eventual turnaround, and on tourists’ willingness to overlook the island’s credit concerns. Others are betting that changes to Puerto Rico’s tax code, which eliminates most taxes on investments, will lure thousands of wealthy U.S. citizens.  The Puerto Rican government says so far 280 individuals have relocated to the island for tax reasons, while another 250 businesses have moved to the island.”

http://finance.yahoo.com/news/real-estate-investors-see-no-013300405.html

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Puerto Rico: Tropical Tax Haven for America’s Super-Rich

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“Struggling to emerge from an almost decadelong economic slump, the Puerto Rican government signed a law in early 2012 that creates a tax haven for U.S. citizens. If they live on the island for at least 183 days a year, they pay minimal or no taxes, and unlike with a move to Singapore or Bermuda, Americans don’t have to turn in their passports. (Puerto Ricans are U.S. citizens but cannot vote in federal elections.) About 200 traders, private equity moguls, and entrepreneurs have already moved or committed to moving, according to Puerto Rico’s Department of Economic Development and Commerce, and billionaire John Paulson is spearheading a drive to entice others to join them.”

http://www.businessweek.com/printer/articles/210061-puerto-rico-tropical-tax-haven-for-americas-super-rich

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Corporations Join Increasing Numbers Renouncing US Citizenship

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“The strategy these companies are using is known as an inversion. It’s where a US company merges with a foreign company in a jurisdiction with lower taxes and then reincorporates there. Current US law allows for this if the foreign shareholders own at least 20% of the combined company (though some are trying to raise the minimum to 50%).  Now, despite the howls and shrieks from upset politicians and the mainstream media about these companies being ‘unpatriotic’ and ‘un-American,’ they’re doing absolutely nothing illegal. Inversions are totally acceptable within the current rules of the US Tax Code.”

http://www.internationalman.com/articles/corporations-join-droves-renouncing-us-citizenship

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Foreign direct investment: Ireland’s 50 year overnight success story

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“The level of investment in Ireland by US companies is phenomenal – more capital invested in Ireland since 1990 ($189bn) than Brazil, Russia, India and China combined. Approximately one-quarter of Ireland’s GDP is from US companies. There is nowhere else in the world (outside the US of course) where there are more US multinationals and emerging companies.   Tech giants Google (Google recently celebrated ten years in Dublin) and Facebook have their international headquarters in Dublin, along with LinkedIn, Twitter, PayPal, Amazon and Zynga.  So what is it about Ireland that makes it such an attractive place to invest?”

 

http://www.irishcentral.com/business/technology/FDI—Irelands-50-year-overnight-success-story.html

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Why Congress Wants to Revoke Your Passport

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“The Joint Committee on Taxation estimates this measure will raise $388 million in tax revenues over the next decade. That’s enough to pay for about 0.1% – one tenth of one percent – of estimated highway expenditures during that period.  In other words, the passport revocation measure has nothing to do with actually raising revenue. It has a lot more to do with showing US citizens ‘who’s the boss.’ And the boss is not you.  The Wyden bill includes a provision that would result in passport revocation or denial if you refuse to disclose your Social Security number when you apply for or renew your passport.”

http://www.nestmann.com/why-congress-wants-to-revoke-your-passport

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At Walgreen, Renouncing Corporate Citizenship

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“The chief executive is now considering moving the company’s headquarters to Switzerland as part of a merger with Alliance Boots, a European drugstore chain.  Why? To lower Walgreen’s tax bill even further.  The company’s tax rate would be cut to 20 percent as part of Alliance Boots from about 31 percent now. Interestingly, Alliance Boots, which was originally based in Britain, moved to Switzerland in 2008 in large part to lower its tax rate.  Dozens of large United States companies are contemplating the increasingly popular tax-skirting tactic known as an inversion. Under the strategy, companies merge with foreign rivals in countries with lower tax rates and then reincorporate there.”

http://dealbook.nytimes.com/2014/06/30/renouncing-corporate-citizenship/?_php=true&_type=blogs&_r=0

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Toyota’s withdrawal to Texas an economic blow to California city

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“Toyota Motor Corp’s decision to move its North American sales headquarters from California to Texas was met by disbelief in Torrance, this Los Angeles exurb where the Japanese car manufacturer has run its U.S. operations since 1982.  The two biggest employers in Torrance, which has a population of 147,000 according to city figures, are Toyota and Honda. Both have about 4,000 employees. Losing Toyota will mean an annual loss of $1.2 million in tax revenue.  About five percent of the city’s workforce is employed by Toyota. Last year the city had an annual budget of $271 million, and $121 million of long-term debt.”

http://www.reuters.com/article/2014/04/28/us-autos-toyota-motor-torrance-idUSBREA3R1EW20140428

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A Ceasefire in the IRS’ War on US Citizens?

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“Effective immediately, expats who agree to disclose their foreign accounts and pay US taxes for the previous three years won’t need to pay any penalties. They’ll owe just back taxes and interest (if any). The IRS even extended an olive branch to resident Americans. They’ll be able to come forward and disclose their offshore accounts for the previous three years and pay only a 5% penalty, not 27.5%.   If the IRS decides your failure to comply with these obligations was willful, you could be socked with a 50% penalty.  In addition, a recent US court decision made it clear that the 50% penalty could be imposed for each year you had an undisclosed international account.”

http://www.nestmann.com/a-ceasefire-in-the-irs-war-on-us-citizens

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Why You Shouldn’t Gamble With Uncle Sam

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“Sometimes the IRS changes its mind… with catastrophic results for taxpayers.  Until 2008, FinCEN advised that online poker accounts didn’t need to be reported on the FBAR. In 2009, it shifted gears and declared these accounts to be reportable. Then, in 2011, FinCEN reversed itself again. This written guidance didn’t help John Hom, who gambled online and set up accounts at two online poker companies. He used a third online company to facilitate the transfer of funds to the poker accounts. The IRS assessed civil penalties of more than $45,000. Hom appealed the penalty to a federal district court. But on June 4, 2014, a judge ruled that all three accounts were reportable on the FBAR.”

http://www.nestmann.com/why-you-shouldnt-gamble-with-uncle-sam

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