Friday, September 7, 2012

Cayman Islands Tax Haven - Ug!

18,000 companioes in one five story building
If that doesn't sound like fraud to you - I have some oceanfront property I'd like to sell you in Utah..

it's estimated that companies and wealthy individuals funneling money through offshore tax havens are evading around $100 billion a year in taxes -- leaving the rest of us to pick up the tab.

And while it's as easy as opening up an island P.O. Box, not every big company uses the dodge. For instance, Boeing's competitor Lockheed Martin had no offshore subsidiaries. But far too many do -- another GAO study found that over 18,000 companies are registered at a single address in the Cayman Islands, a country with no corporate or capital gains taxes.

Read the 2008 GAO Report in it’s entirety

This is the accessible text file for GAO report number GAO-08-779T
entitled 'Cayman Islands: Business Advantages and Tax Minimization
Attract U.S. Persons and Enforcement Challenges Exist' which was
released on July 24, 2008.

And how big is a building that houses 18,000 companies – evading taxes in the United States
Costing taxpayers $100 BILLION dollars a year in uncollectable taxes?

The building that houses 18,000 business is called Ugland House
And it looks like this.

Appears to be five stories
Which would be 3,600 companies per floor IF they all have the exact same  amount of square footage.
Home to  18,000 businesses.

Wanna buy that oceanfront property in Utah?????

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