U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas

Oldschool · 05-13-2010, 06:34 PM

U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas - ABC News

In a nutshell, hundreds of US based companies are moving profits offshore to evade US taxes. No different from welfare scams in my mind, and a lot more expensive.

jeffkrol · 05-13-2010, 06:52 PM

Originally posted by Oldschool

U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas - ABC News

In a nutshell, hundreds of US based companies are moving profits offshore to evade US taxes. No different from welfare scams in my mind, and a lot more expensive.

corporate welfare... good
public welfare ......... bad

Rupert · 05-13-2010, 07:06 PM

As a person with a liberal slant, I am outraged when I see deadbeats scam the system for free benefits to avoid work/responsibility. I see this as an abuse of me as a taxpayer, and of those in true need of assistance that don't get it.
When the right sees their 'Handlers" evade taxes by moving offshore, and causing their share of taxes to increase to cover the losses caused by greedy corporations, they see this as capitalism at its finest....why is that?
Regards!

larryinlc · 05-13-2010, 07:09 PM

Originally posted by Rupert

As a person with a liberal slant, I am outraged when I see deadbeats scam the system for free benefits to avoid work/responsibility. I see this as an abuse of me as a taxpayer, and of those in true need of assistance that don't get it.
When the right sees their 'Handlers" evade taxes by moving offshore, and causing their share of taxes to increase to cover the losses caused by greedy corporations, they see this as capitalism at its finest....why is that?
Regards!

Blame it on Gordon Gekko

Larry

graphicgr8s · 05-13-2010, 07:36 PM

When corporate taxes are one of the highest in the world and rising what else would you expect?
Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense.

Oldschool · 05-13-2010, 07:41 PM

Originally posted by graphicgr8s

When corporate taxes are one of the highest in the world and rising what else would you expect?
Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense.

They use our services like police & fire, infrastructure like roads & education system, the customers are in the US, production facilities in the US, but transfer profits to places like Bermuda with no income tax. Sounds fair to me.

Rupert · 05-13-2010, 07:42 PM

Originally posted by graphicgr8s

When corporate taxes are one of the highest in the world and rising what else would you expect?
Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense.

Do your "Handlers" require you to bark your little squeaky bark when you defend their robbing of America, or do you just do it on your own?
Regards!

jeffkrol · 05-14-2010, 09:05 AM

Originally posted by Rupert

Do your "Handlers" require you to bark your little squeaky bark when you defend their robbing of America, or do you just do it on your own?
Regards!

Sorry George.. that is funny.....

Nesster · 05-14-2010, 09:13 AM

Originally posted by graphicgr8s

When corporate taxes are one of the highest in the world and rising what else would you expect?
Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense.

First off, taxes are but a portion of the total cost of doing business... surely you're not saying all those corporations in *shudder* socialistic European countries, like Britain, France, Germany, Sweden, etc are not suffering from all the social cost overheads and those long vacations and layoff protections the workers enjoy over there?

US corporations are free to lay us off, give us our 10 days of vacation, freely move our jobs overseas or to some other state, close up plants, and all for the relatively low cost of payroll taxes - no VAT - and the income tax, which is easily gamed and managed.

Secondly, the ships thing has a long tradition, again partly due to registry fees and taxes, but often more to do with the laxity of (safety) regulations... Where was that BP oil rig registered again? Marshall Islands, that's where.

Quote:

Deepwater Horizon, the Transocean offshore oil rig currently shipwrecked on the seabed of the Gulf of Mexico, about 1000 feet below the surface, operated under a "flag of convenience" from the Republic of the Marshall Islands. This is by no means unusual. Marshall Islands operates one of the five biggest shipping registries on the planet, accounting for some 1500 vessels -- 35 of which, at last count, were Transocean oil rigs.

The reasons explaining the proliferation of shipping fleets registered in places like Marshall Islands, Panama and Liberia are well known: Low taxes, cheaper labor, and lax regulation. Just as multinational corporations industriously find ways to park assets and ownership in offshore havens, so do shipping companies use flag of convenience registries to lower their own costs. It's a perk of globalization, and while it might come as some surprise to realize that an offfshore oil rig -- or more properly speaking, "mobile offshore development unit" -- qualifies as a ship, it shouldn't raise any eyebrows to see the oil industry up to its neck in these tiny foreign nations. Oil companies were a prime driver of the widespread adoption of flags of convenience in the 20th century, aided and abetted by a cadre of elite former U.S. diplomats turned businessmen.

The Gulf oil spill spreads to the South Pacific - How the World Works - Salon.com

SteveM · 05-14-2010, 09:34 AM

You should really listen to wall street.....your country will do better if it models itself like other countries.....like Nigeria, or Somalia, then you'll be "competitive". I mean, why should my company give a dollar to your company, when the peasants should really be paying for the bailouts. You should dismantle all that communist social stuff so companies don't have to pay taxes............like the 4th of July holiday. I mean all of those workers lazying around all day....that is very un-American.

05-13-2010, 06:34 PM	#1
Oldschool Pentaxian Join Date: Jun 2007 Location: Central NJ Posts: 1,278	U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas - ABC News In a nutshell, hundreds of US based companies are moving profits offshore to evade US taxes. No different from welfare scams in my mind, and a lot more expensive.

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05-13-2010, 06:52 PM	#2
jeffkrol Veteran Member Join Date: Sep 2006 Location: Wisconsin USA Photos: Gallery Posts: 8,434	Originally posted by Oldschool U.S. Firms Dodge Billions in Taxes by Moving Profits Overseas - ABC News In a nutshell, hundreds of US based companies are moving profits offshore to evade US taxes. No different from welfare scams in my mind, and a lot more expensive. corporate welfare... good public welfare ......... bad

05-13-2010, 07:06 PM	#3
Rupert Veteran Member Join Date: Sep 2006 Location: Texas Photos: Gallery \| Albums Posts: 25,123	As a person with a liberal slant, I am outraged when I see deadbeats scam the system for free benefits to avoid work/responsibility. I see this as an abuse of me as a taxpayer, and of those in true need of assistance that don't get it. When the right sees their 'Handlers" evade taxes by moving offshore, and causing their share of taxes to increase to cover the losses caused by greedy corporations, they see this as capitalism at its finest....why is that? Regards!

05-13-2010, 07:09 PM	#4
larryinlc Veteran Member Join Date: Mar 2009 Location: Wisconsin USA Posts: 993	Originally posted by Rupert As a person with a liberal slant, I am outraged when I see deadbeats scam the system for free benefits to avoid work/responsibility. I see this as an abuse of me as a taxpayer, and of those in true need of assistance that don't get it. When the right sees their 'Handlers" evade taxes by moving offshore, and causing their share of taxes to increase to cover the losses caused by greedy corporations, they see this as capitalism at its finest....why is that? Regards! Blame it on Gordon Gekko Larry

05-13-2010, 07:36 PM	#5
graphicgr8s Guest	When corporate taxes are one of the highest in the world and rising what else would you expect? Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense.

05-13-2010, 07:41 PM	#6
Oldschool Pentaxian Join Date: Jun 2007 Location: Central NJ Posts: 1,278 Original Poster	Originally posted by graphicgr8s When corporate taxes are one of the highest in the world and rising what else would you expect? Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense. They use our services like police & fire, infrastructure like roads & education system, the customers are in the US, production facilities in the US, but transfer profits to places like Bermuda with no income tax. Sounds fair to me.

05-13-2010, 07:42 PM	#7
Rupert Veteran Member Join Date: Sep 2006 Location: Texas Photos: Gallery \| Albums Posts: 25,123	Originally posted by graphicgr8s When corporate taxes are one of the highest in the world and rising what else would you expect? Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense. Do your "Handlers" require you to bark your little squeaky bark when you defend their robbing of America, or do you just do it on your own? Regards!

05-14-2010, 09:05 AM	#8
jeffkrol Veteran Member Join Date: Sep 2006 Location: Wisconsin USA Photos: Gallery Posts: 8,434	Originally posted by Rupert Do your "Handlers" require you to bark your little squeaky bark when you defend their robbing of America, or do you just do it on your own? Regards! Sorry George.. that is funny.....

05-14-2010, 09:13 AM	#9
Nesster Veteran Member Join Date: Oct 2006 Location: NJ USA Photos: Gallery Posts: 13,072	Originally posted by graphicgr8s When corporate taxes are one of the highest in the world and rising what else would you expect? Just look at the cruise ships. For years they've had their registry offshore to offset US usury taxes. What's the difference between corporations moving offshore and jobs going overseas? Let's keep making it hard to do business here. That makes liberal sense. First off, taxes are but a portion of the total cost of doing business... surely you're not saying all those corporations in shudder socialistic European countries, like Britain, France, Germany, Sweden, etc are not suffering from all the social cost overheads and those long vacations and layoff protections the workers enjoy over there? US corporations are free to lay us off, give us our 10 days of vacation, freely move our jobs overseas or to some other state, close up plants, and all for the relatively low cost of payroll taxes - no VAT - and the income tax, which is easily gamed and managed. Secondly, the ships thing has a long tradition, again partly due to registry fees and taxes, but often more to do with the laxity of (safety) regulations... Where was that BP oil rig registered again? Marshall Islands, that's where. Quote: Deepwater Horizon, the Transocean offshore oil rig currently shipwrecked on the seabed of the Gulf of Mexico, about 1000 feet below the surface, operated under a "flag of convenience" from the Republic of the Marshall Islands. This is by no means unusual. Marshall Islands operates one of the five biggest shipping registries on the planet, accounting for some 1500 vessels -- 35 of which, at last count, were Transocean oil rigs. The reasons explaining the proliferation of shipping fleets registered in places like Marshall Islands, Panama and Liberia are well known: Low taxes, cheaper labor, and lax regulation. Just as multinational corporations industriously find ways to park assets and ownership in offshore havens, so do shipping companies use flag of convenience registries to lower their own costs. It's a perk of globalization, and while it might come as some surprise to realize that an offfshore oil rig -- or more properly speaking, "mobile offshore development unit" -- qualifies as a ship, it shouldn't raise any eyebrows to see the oil industry up to its neck in these tiny foreign nations. Oil companies were a prime driver of the widespread adoption of flags of convenience in the 20th century, aided and abetted by a cadre of elite former U.S. diplomats turned businessmen. The Gulf oil spill spreads to the South Pacific - How the World Works - Salon.com

05-14-2010, 09:34 AM	#10
SteveM Veteran Member Join Date: Jan 2009 Location: Vancouver Island, BC, Canada Photos: Gallery Posts: 3,294	You should really listen to wall street.....your country will do better if it models itself like other countries.....like Nigeria, or Somalia, then you'll be "competitive". I mean, why should my company give a dollar to your company, when the peasants should really be paying for the bailouts. You should dismantle all that communist social stuff so companies don't have to pay taxes............like the 4th of July holiday. I mean all of those workers lazying around all day....that is very un-American.