J
JAMESBJOHNSON
Guest
Offshore: The Dark Side of the Global Economy by William Brittain-Catlin
I got this book, thinking the topic was something else. Tax shelters dont appeal to me. But the presentation in this book is fascinating and well-written. I read the whole book in one day.
In many ways the information in the book is frightening because the tax laws of the United States reward tax cheats and punish the ethical companies who pay most of the taxes.
Lets look at 2 American companies. Old Glory USA, Inc. and We Are The World, LLP.
WATW-China buys Vietnamese suits for $20 and sells them to itself in the Cayman Islands for $25. WATW-Cayman then sells the suits to the American home office for $475, and the WATW-America sells the suits to Sears for $500. WATW-America pays tax on $25.
OLD GLORY USA uses American labor, pays state & local taxes, and benefits. The American suits cost it $300. OLD GLORY USA sells the suits to Sears for $500 and pays taxes on $200.
I got this book, thinking the topic was something else. Tax shelters dont appeal to me. But the presentation in this book is fascinating and well-written. I read the whole book in one day.
In many ways the information in the book is frightening because the tax laws of the United States reward tax cheats and punish the ethical companies who pay most of the taxes.
Lets look at 2 American companies. Old Glory USA, Inc. and We Are The World, LLP.
WATW-China buys Vietnamese suits for $20 and sells them to itself in the Cayman Islands for $25. WATW-Cayman then sells the suits to the American home office for $475, and the WATW-America sells the suits to Sears for $500. WATW-America pays tax on $25.
OLD GLORY USA uses American labor, pays state & local taxes, and benefits. The American suits cost it $300. OLD GLORY USA sells the suits to Sears for $500 and pays taxes on $200.
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