jerryc41 Loc: Catskill Mts of NY

The Cayman Islands are similar to Delaware in that a company can register itself there for tax purposes and nothing else. About 18,000 business are supposedly registered in Ugland House, a small building. Why would they do such a thing? Simply to avoid paying taxes. Of course, it's all perfectly legal because politicians made it so.

As some of you scramble to file your taxes today, April 15, think about all the tax breaks that you aren't getting because you aren't rich enough.

http://www.uglandhouse.ky/faqs.html

boydimages Loc: California

Thanks Jerry. You made me feel not good about paying my taxes. If I ever did.

imagesintime Loc: small town, mid-America

I suggest you read the article. It specifically says the opposite of that.

DickC Loc: NE Washington state

:thumbup: :thumbup: :thumbup: :D

Nikron_7 Loc: Indianapolis, IN

:thumbup: :thumbup: :thumbup:

jerryc41 Loc: Catskill Mts of NY

This is a "commercial" for registering in the Cayman Islands. Of course they are going to make it sound "legal."

http://killercoke.org/downloads/david_evans_offshore.pdf

http://foreignpolicy.com/2012/01/24/house-of-19000-corporations/

UXOEOD

You must understand, that in reality, corporations do not pay taxes. All they do is collect money from consummers/customers, document it, and pass it on to the government.

All corporations will avoid all corporate taxes as it costs them money in handling and paperwork and raises prices. Corporations that in avoiding corporate taxes will move thier headquarters to anywhere, hell itself, and with its headquarters jobs, sometimes a few, often a significant number of well paying jobs.

This move to avoid taxes often incurs the company with some significant inconveniences, but inconveniences that make financial sense only.

If the US would simply stop corporate taxes, businesses worldwide would rush to the USA. Think of the well paying jobs that would rush to our shores. Let corporations do business, not become strangled in collecting taxes, and watch out! Look at Delaware for evidence. And Delaware addresses only allows companies to avoid state corporate taxes, without incurring all the inconveniences of "living" off-shore.

Hell, think about it, we, the government, rescued Chrysler, and the are now outside the US. Why, to avoid corporate taxes, anyway that us one major reason the new owner has. The unintended consequences of corporate taxes can not only be reversed, it can actually work for us.

Abolish corporate taxes.

jerryc41 Loc: Catskill Mts of NY

I have a bridge in Brooklyn I will sell you.

No one on UHH pays taxes, either. All income tax, sales tax, gasoline tax, etc., is paid by our employers, our retirement system, or Social Security. It's included with the money we receive weekly or monthly. We just act as middlemen, passing it along to the government.

UXOEOD

And all those corporation in Delaware, or off shore, they moved there for the view. Jerry, I expected more from you. Look at the economics, looks, open mindedly, at the evidence, and connect the dots.

Deleware is doing well, as a state, collecting jobs by being corporate headquarters for many companies. Well paying, non-poluting, good jobs, and lots of construction, by being corporate freindly.

photosarah Loc: East Sussex, UK

It is legal. If you have a problem with that, take it up with your Government. Tax avoidance is legal: tax evasion is not. The Cayman Islands are a tax haven, courtesy of King George III and until the Governments of Britain and the USA change their laws, registering your company in the Cayman Islands for tax reasons is absolutely legal.
I carry a UK passport but, by dint of having lived and worked in the Cayman Islands for 24 years, I am also a Caymanian citizen. Sadly, I don't have enough money to make it worthwhile to own a company registered in the CI, so I pay my taxes to HMRC (Her Majesty's Revenue and Customs)

UXOEOD

The concept of tax AVOIDANCE vs EVASION is difficult for some to understand. To many, if not most, liberals believe anything a profit business or conservative does to not give the government all our money so they can decide who to redistribute it to is wrong.

I get tickled at some here who would tax churches, yet fully support the tax advantages of certain "non-profit" organizations, I specifically reference The Clinton Foundation.

jimmya Loc: Phoenix

Hi Jerry - I filed my taxes in February.