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Paradise Papers Show How Misguided the G.O.P. Is on Taxes
A treasure trove of documents given the name of the Paradise Papers was unveiled last week, giving us a clearer idea of how rich people and powerful companies keep their money from the prying eyes of the Internal Revenue Service.
Apple, for example, went hunting for a new tax haven when Ireland, its former shelter, began cracking down. It got help from law firms that specialize in offshore tax shelters to park its $128 billion stash on the English Channel island of Jersey instead. For years, Nike held intellectual property rights in a subsidiary on tax-free Bermuda, and that subsidiary charged fees to its other headquarters, thus shifting the profits to the island and avoiding taxes on them. Now it does the same with a subsidiary that technically resides nowhere at all. Allergan, Facebook and Uber have all been caught doing the same.
Appleby, the law firm at the heart of the documents leak, has 31,000 American clients, most of whom are what are known as “ultra-high-net-worth individuals.” The firm, which has offices in most of the world’s tax havens, helps clients establish trusts and other vehicles for their wealth headquartered on Bermuda to keep the money out of the I.R.S.’s reach.
- what does current and past tax law (implimented by democrats) have to do with GOP and taxes?Hayoth
- If anything, your argument should be high taxation caused these companies to bail off shore.Hayoth
- High taxation was implemented by both parties. Quit playing the 'party' game dude. Shows your ignorant.Hayoth
Paradise Papers reveal the rise of a new class:
The global oligarchy
se to the recent leak of 13.4 million files from two offshore service providers earlier this week, which documents how the world’s wealthiest individuals and corporations avoid paying taxes on their fortunes, Sen. Bernie Sanders, I-Vt., warned that the world is quickly becoming an “international oligarchy.”
“The major issue of our time is the rapid movement toward international oligarchy in which a handful of billionaires own and control a significant part of the global economy,” Sanders said in a statement to The Guardian, one of the major newspapers reporting on the so-called Paradise Papers. “The Paradise Papers shows how these billionaires and multinational corporations get richer by hiding their wealth and profits and avoid paying their fair share of taxes.”
Paradise Papers include evidence/proof of StubHub assisting in the ticket scalping market, possible prosecution / shut down in the future.
- Just a good business man, you'd all do it if you could. Etc, etc.PhanLo
- StubHub's one company I'd love to see go under.detritus
- ^ yup, detritusGnash
- I find it hard to understand people like this, who value dollar above everything else in life. Perhaps they simply don't see what cunts they are. PsychoAutists.detritus
- ditto to detrituslvl_13
Paradise Papers: Tax haven secrets of ultra-rich exposed