Crook, I mean Cook Islands, interesting place to shelter money from the tax man and lawyers. Hillary went there in 2012, her buddy Denise Rich has $100 million there. Lois Lerner wants to "audit" Chuck Grassley...these people are OUT of CONTROL! I was already subpoenaed, now will I be audited too? Lets spend our tax money on things like roads, efficient energy, schools, commerce generating projects, not on political revenge al a IRS.
http://www.nytimes.com/2013/12/15/business/international/paradise-of-untouchable-assets.html?pagewanted=all&module=Search&mabReward=relbias%3Ar%2C%5B%22RI%3A5%22%2C%22RI%3A17%22%5D&_r=0
Even wikipedia describes the cook islands becoming a location specialising in asset protection trusts by which investors shelter assets from creditors and legal authorities and has devised laws to protect foreigners from legal claims in their home countries!!!!!!! There we have it people you can even conduct a leisurely perusal and find out where all this hard earned tax is ending up! Truly an elephant in the living room! Whilst the crooks furnish Cook island its up to us all to get out of fantasy island.
ReplyDeleteHiding money offshore is a myth. All transfers in dollars have to clear through the Federal Reserve, and FINCIN [financial crimes information network] tracks everything everywhere. The magazine OFFSHORE FINANCE is a good source on different places for banking, and they list the FINCIN blacklist of places which are restricted from American commerce, usually for fraud or other blatant problems. You don't want to have money stuck in a place on that list because the bankers in those places don't really give you your money back.
ReplyDeleteThe only way to shelter funds overseas is to open foundation accounts or trusts which are not in your name, but in the name of a local lawyer, and you have to trust him, and the bank, that they will honor your wishes.....
The whole thing is a mess, and most people who deposit huge amounts rarely get it back.
The legitimate purposes of offshore banking isn't tax evasion but tax avoidance by transfer pricing, shifting profits to those places, and otherwise trading legitimate investments such as hedge funds in those places which have no taxes on gains....but if the accounts are in your name, even if only "numbered" you have to declare them.
The US is the only country I know of which taxes you on your citizenship rather than your residence or where the money was made.
If you're a US citizen you have to declare no matter where the money was made, but if you paid local taxes you might be able to deduct those...
More and more wealthy Americans are renouncing their citizenship because they finally learn that it's the only way to avoid paying the IRS and it's draconian, "debter's prison" mentality.
ReplyDeleteIn London we had an interesting debtors prison called the 'clink' it is about 900 years old (worth a visit!) Inmates were expected to pay for their own food and lodging and if they had no money had to go out and beg with a ball and chain.Recently here their was a furore because large mainly internet corporations were paying little or no tax in the UK despite handsome profits. My question is, do they actually pay their taxes at home in the US or do they just pump it around their global offices and make a 'loss' ?
ReplyDeleteIn Italy most prisons don't have food provided so the prisoner's family brings by a basket of food every day. It's really nice. Many long term prisoners choose to do their own cooking, and they have all the impliments and cooktops needed to cook wonderful pasta dishes, fish, veal, lamb, poultry, beef, ham or even horse....WHAT?....HORSE ?????
ReplyDeleteWhat the fuck is going on over there!!
In Italy a favorite way of disposing of bodies is to feed the victim to hogs. The hogs will eat the whole cadaver, or as they say, "they even eat the watch."
ReplyDeleteSo turnabout is fair play for the animal kingdom to feast on the humans too.