Obama to crack down on tax havens - Page 3

Kerry · #51 (**permalink**) 06-05-2009, 03:28 PM

Quote:

Originally Posted by Caboose

Fixed it for you.

If a business can make money without providing goods/services or employing anybody it would not only still be a viable business, t may even be the best business ever.

The goal of a business is to make money. Period.

Amen Caboose. Try writing a business plan that accomplishes any other goals besides making money and then see if you can get the start-up funds from someone. You can't pay employees and loans with lollipop wishes and candy dreams.

Stan Silliman · #52 (**permalink**) 06-05-2009, 07:01 PM

Quote:

Originally Posted by cifsa

The Cayman Islands are not a tax haven. The Cayman Islands have full tax transparency treaties with the IRS and the European Union jurisdictions and cannot be used to evade tax as all the information on any account is available to the tax authorities in the United States and Europe.

The term “tax haven” actually describes those jurisdictions that have no tax transparency treaties. These jurisdictions include countries with close ties to the U.S., and the U.S. government is fully aware of their status. They include Switzerland, Dubai, Hong Kong, Singapore, Andorra, Lichtenstein and Monaco.

U.S. corporations are taxed in the jurisdiction in which they operate – including their subsidiaries, regardless of where they are incorporated. Offshore financial centers like the Cayman Islands simply enable American companies to compete internationally and reinvest their profits.

Of course, treaties with the U.S. – like the Tax Information Exchange Agreement – ensure financial transparency and make certain tax evasion does not occur. These treaties provide a clear distinction between the Cayman Islands and non-transparent jurisdictions such as those listed as uncooperative tax havens by the Organisation for Economic Co-Operation and Development (OECD).

Cayman Islands Financial Services Association, which represents the financial servics industry in the Caymans, fully supports amending the tax reporting legislation to provide fully proactive reporting to the U.S. that mirrors the structure with all 27 European Union jurisdictions under the EU Savings Directive.

Very informative post! Thanks, cifsa.

Now, has anyone followed the Helio Castroneves case? Helio is very likable and he's a winner however the IRS sued him claiming Penske deferred a payment of $ 5 million to Helio to a future date. Deferring to a future date is not what rufflled the IRS. What alarmed them was that Helio was planning on becoming a citizen of Monaco and, I guess, they thought he may avoid taxes.

Did I mention Helio is a winner? He won the Indy 500 twice in two years, he won "Dancing with the Stars" and he won this case.

Here's one story: Helio's IRS Problems/

Here's another one after Indy: Helio Victorious

fire121 · #53 (**permalink**) 06-08-2009, 01:48 PM

I was wondering what had happened Helio. Watched the race but wasn't sure what all the talk was about after his victory.

Now back to the topic at hand. This is from Bloomberg.

Obama Tells American Businesses to Drop Dead: Kevin Hassett - Bloomberg.com

Prunepicker · #54 (**permalink**) 06-08-2009, 02:11 PM

Quote:

Originally Posted by fire121

I was wondering what had happened (to) Helio. Watched the race but
wasn't sure what all the talk was about after his victory.

He was acquitted of tax evasion. Maybe it was his victory dance. The
MSM hate victory dances.

Quote:

Originally Posted by fire121

Now back to the topic at hand. This is from Bloomberg.

Obama Tells American Businesses to Drop Dead: Kevin Hassett - Bloomberg.com

This is BO's business as usual. He does not have the USA's best interest
at hand. He's pathetic. BO stinks.

Kerry · #55 (**permalink**) 06-09-2009, 09:25 AM

Quote:

Originally Posted by fire121

I was wondering what had happened Helio. Watched the race but wasn't sure what all the talk was about after his victory.

Now back to the topic at hand. This is from Bloomberg.

Obama Tells American Businesses to Drop Dead: Kevin Hassett - Bloomberg.com

You beat me to it Fire. The first paragraph says it all.

Quote:

June 8 (Bloomberg) -- I’ve finally figured out the Obama economic strategy. President Barack Obama and his team have been having so much fun wielding dictatorial power while rescuing “failed” firms, that they have developed a scheme to gain the same power over every business. The plan is to enact policies that are so anticompetitive that every firm needs a bailout.

Is there any doubt about this is what is happening? It may or may not be intentional but it is what is happening nonetheless. I guess the answer depends on your view of Obama. Does he have a master plan to bring as much socialism to the US as possible in 4 years and is executing it flawlessly, or does he really believe in capitalism but has crappy plan execution. I think he wants to bring as much socialism as he can, as fast as he can, and so far he is doing a darn good job at executing his plan.

Prunepicker · #56 (**permalink**) 06-09-2009, 10:44 AM

Quote:

Originally Posted by Kerry

I think he (BO) wants to bring as much socialism as he can, as fast as he
can, and so far he is doing a darn good job at executing his plan.

Since January 20, 2009 there's no evidence to show otherwise. Also, there's
not any evidence that he has the USA's best interest in mind.

What else can we expect with the most irresponsible and least qualified
person, in recent history or possibly ever, as president? We can't.

The country's in the very best of hands - Al Capp

fire121 · #57 (**permalink**) 06-09-2009, 02:21 PM

The lap dog media can only cover up reality for so long. The policies of these people will not create private sector jobs or actual wealth. I guess it all depends on how long they can report this stuff with a straight face.

From the Wall Street Journal Today.

McGurn: The Media Fall for Phony 'Jobs' Claims - WSJ.com

andy157 · #58 (**permalink**) 06-09-2009, 02:52 PM

After reading the WSJ article it's easy to see where cracking down on tax havens, and phoney job claims, are very similar.

andy157 · #59 (**permalink**) 06-10-2009, 05:29 AM

During the Bush administration 3 or 4 of President GWB appointees have made the same claim of jobs "Saved or Created" due to various Bush administration policies. So whats the difference? Why didn't Mr. McGurn include those statements and claims in his article?

PennyQuilts · #60 (**permalink**) 06-10-2009, 07:00 AM

The same people who would lambast the Bush administration for the same sorts of behaviors (assuming that is an accurate statement) stand silent in challenging Obama.

Kerry · #61 (**permalink**) 06-10-2009, 07:49 AM

Quote:

Originally Posted by andy157

During the Bush administration 3 or 4 of President GWB appointees have made the same claim of jobs "Saved or Created" due to various Bush administration policies. So whats the difference? Why didn't Mr. McGurn include those statements and claims in his article?

Not that I doubt you, but do you have any actual examples. I just want to know what policies Bush officials were talking about. You see, there were 2 George W. Bush's The first was a fiscal conservative and the second was a fiscal liberal and many of his staff were moderates.

andy157 · #62 (**permalink**) 06-10-2009, 03:06 PM

Quote:

Originally Posted by Kerry

Not that I doubt you, but do you have any actual examples. I just want to know what policies Bush officials were talking about. You see, there were 2 George W. Bush's The first was a fiscal conservative and the second was a fiscal liberal and many of his staff were moderates.

"Countdown with K. Olbermann. I can hear Prune and Fire coming as I speak.

Prunepicker · #63 (**permalink**) 06-10-2009, 03:26 PM

Quote:

Originally Posted by andy157

"Countdown with K. Olbermann. I can hear Prune and Fire coming as I
speak.

Kerry · #64 (**permalink**) 06-10-2009, 03:30 PM

Quote:

Originally Posted by andy157

"Countdown with K. Olbermann. I can hear Prune and Fire coming as I speak.

Did Olberman cite examples or did he just make a banket statement along the lines of "Bush did it too."?

Prunepicker · #65 (**permalink**) 06-10-2009, 03:46 PM

Quote:

Originally Posted by Kerry

Did Olberman cite examples or did he just make a banket statement along the
lines of "Bush did it too."?

Let me see if I can help.

olberman + facts
olberman + facts
olberman + facts

TILT TILT TILT

It doesn't add up.

fire121 · #66 (**permalink**) 06-10-2009, 04:21 PM

Last night I flipped past Olberman on "State Run" MSNBC, he was reporting on the 62 billion returned to congress from the TARP funds, he actually called it a "profit". It was hilarious, but made sense this morning when I saw an administration official use the same exact line on one of the cable? news shows.
Too funny. Profit? Our tax dollars?

bluedogok · #67 (**permalink**) 06-10-2009, 05:19 PM

Well, it's "profit" in their minds if they never really thought they were going to get any of it back....

Caboose · #68 (**permalink**) 06-10-2009, 06:08 PM

Quote:

Originally Posted by fire121

Last night I flipped past Olberman on "State Run" MSNBC, he was reporting on the 62 billion returned to congress from the TARP funds, he actually called it a "profit". It was hilarious, but made sense this morning when I saw an administration official use the same exact line on one of the cable? news shows.
Too funny. Profit? Our tax dollars?

Vaguely Orwellian.

Prunepicker · #69 (**permalink**) 06-10-2009, 09:18 PM

Quote:

Originally Posted by Caboose

Vaguely Orwellian.

Obviously olberman was obligingly orating orders organized
by the Ministry of Truth.

E. Goldstein

bretthexum · #70 (**permalink**) 06-10-2009, 11:09 PM

Quote:

Originally Posted by fire121

Last night I flipped past Olberman on "State Run" MSNBC, he was reporting on the 62 billion returned to congress from the TARP funds, he actually called it a "profit". It was hilarious, but made sense this morning when I saw an administration official use the same exact line on one of the cable? news shows.
Too funny. Profit? Our tax dollars?

Yes, Olberman is an idiot, but he's right.
The profit is the interest the treasury is making on the loan. The taxpayers made 4% on the TARP loans.

Kerry · #71 (**permalink**) 06-11-2009, 08:30 AM

When will the banks actually make the payments? All I have seen reported is that banks have been approved to repay, but when will they make the payment?

bretthexum · #72 (**permalink**) 06-11-2009, 11:50 PM

Quote:

Originally Posted by Kerry

When will the banks actually make the payments? All I have seen reported is that banks have been approved to repay, but when will they make the payment?

Three are starting next week.

Prunepicker · #73 (**permalink**) 06-12-2009, 12:39 AM

Quote:

Originally Posted by fire121

The lap dog media can only cover up reality for so long. The policies of these
people will not create private sector jobs or actual wealth. I guess it all
depends on how long they can report this stuff with a straight face.

From the Wall Street Journal Today.

McGurn: The Media Fall for Phony 'Jobs' Claims - WSJ.com

If anything it may create a feel good time like FDR did. We need to
remember that FDR did not bring us out of the depression. The free market
fixed itself. It's a sad state of affairs when history is distorted to support a
certain dogma, which is almost always leftist and pro bigger government.

Cutting taxes to the bone for everyone will bring us out of this nightmare
of an economy. It works every time. By the way, W's tax cuts were not
enough. They need to be huge cuts.

Kerry · #74 (**permalink**) 06-12-2009, 08:01 AM

Here is the problem the "profit" causes and it is the reason we shouldn't have started down this road. The government stands to make about $4 to $5 billion off the deal. That is $4 to $5 billion those companies could have used elsewhere like to re-hire employees or loan. It is also kind of like a shark smelling blood in the water. Now that some people who think the government ought to be more involved in business has gotten a taste of private sector profits they are going to want more. Keep in mind that the banks repaying the money never used it, which is why they have it ready to repay.

bretthexum · #75 (**permalink**) 06-12-2009, 10:55 AM

Quote:

Originally Posted by Kerry

Here is the problem the "profit" causes and it is the reason we shouldn't have started down this road. The government stands to make about $4 to $5 billion off the deal. That is $4 to $5 billion those companies could have used elsewhere like to re-hire employees or loan. It is also kind of like a shark smelling blood in the water. Now that some people who think the government ought to be more involved in business has gotten a taste of private sector profits they are going to want more. Keep in mind that the banks repaying the money never used it, which is why they have it ready to repay.

Not quite true. Most of the banks did an additional stock or debt offering to get the money to repay. B of A is a great example. They did a 32 billion dollar stock offering to get the moeny to repay. It's good business for them doing that. They don't have to pay interest on the loan, they are essentially getting "free money" (investors are hoping for a return). And most of all, they don't have to play by the TARP rules.

Problem was - no investor 6 months ago would throw a dime at B of A. Many thought they were going belly up. Now that investors have more confidence that they will get a return on their investment they are able to do this.

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