How is Clinton's SHELL company different from SHELL companies created by PANAMA's Mossack Fonseca?

[snagglepuss]

Last edited Tue Apr 5, 2016, 04:57 PM - Edit history (5)

My question is why did the Clinton's set up a shell if not for tax avoidance purposes?



snip

Senator Carl Levin of Michigan, who is retiring next year, has long tried to pass legislation that would make it harder to incorporate anonymous companies (SHELL COMPANIES) in the US. He had ​support from groups like the Fraternal Order of Police, the Society of Former Special Agents of the FBI, and various financial watchdogs, but his efforts haven't led anywhere. This was in large part due to opposition from lawmakers in those states that rake in especially big revenues through incorporating companies, especially Delaware and Nevada.


http://www.vice.com/read/setting-up-a-bogus-shell-corporation-is-really-easy-1215




What We Know About WJC, LLC, Bill Clinton’s Consulting Company


snip

Among the revelations turned up following the latest round of financial disclosures by Bill and Hillary Clinton is that the former president started a limited liability "pass-through" company titled WJC, LLC.



snip

In some cases, consultants and lawyers—including former presidential candidates John Edwards and Newt Gingrich—have used pass-through entities to avoid payroll taxes. They do that by classifying their earnings as profit distributions instead of wages. It's not clear if Bill Clinton used that strategy or a similar one through his LLC, but the former president's press secretary said Tuesday that there was nothing unusual about the company.

"President Clinton set up a commonly used mechanism to manage his personal business affairs," Angel Urena, said in an e-mailed statement. "All of the income has been reported and is accounted for. Anyone trying to paint this as anything more than that is playing politics."

snip

During the 2008 campaign, the Clintons released their tax returns through 2006, along with preliminary data for 2007. The LLC was created in 2008 in Delaware, according to the AP.

President Barack Obama has proposed to tighten the tax rules, and the administration's most recent budget proposal says "the uncertainty surrounding the treatment of LLC members undermines the IRS's ability to unsure payment" of payroll taxes.


http://www.bloomberg.com/politics/articles/2015-05-26/what-we-know-about-wjc-llc-bill-clinton-s-consulting-company

[geek tragedy]

1. the most important thing--Clinton's isn't an offshore scam to avoid taxes

I wonder what Alan Grayson has to say.

[revbones]

2. And the drips suddenly get much much louder... while you just hear crickets from the Clinton camp..

[Joe the Revelator]

3. This is a big problem for Team Hill.

[reformist2]

4. WOW. So, have the Clintons been paying payroll taxes, or not???!!!

[DanTex]

5. LOL. So, wait, now having a Delaware LLC is evil? Did I get that right?

[snagglepuss]

6. It's a straight forward question. What is the reason for setting up a shell especially when

Senator Levin and law enforcement wanted to curb them? Not every business has a shell so what is the rationale for having one?

[DanTex]

7. Levin wants to make LLCs illegal? That's news to me.

[seabeyond]

10. I am working for an LLC. Does that make me bad? Nt

[leveymg]

8. Payroll taxes? Bill and Hillary and Chelsea wouldn't muddy their hands paying such things.

Payroll taxes are for their secretaries and accountants who pay higher effective tax rates. Why, they're philanthropists, next best to Hedge Fund owners. Pass-through with your Champagne? Anyone?

[azmom]

9. It's tax avoidance. Greedy assholes.