Offshore Tax Evasion

[SHRED]

Corporations and businesses that shelter taxes offshore are not American and should have no rights whatsoever to influence or contribute to campaigns.
The owners and CEOs of said corporations and businesses should also lose their citizenship.

---

[harlinchi]

1. And they should not be able to receive federal contracts! n/t

[bryant69]

2. I agree to the first part and the idea that they shouldn't get government contracts

Stripping them of their citizenship is a bit harsh, but could be a later step.

Bryant
Check it out --> http://politicalcomment.blogspot.com

[AllegroRondo]

3. Robert Reich spoke about this

on NPR earlier this week.

Actually, he was following up on a story about private equity companies, and how the people who make money on them should pay the 35% tax rate as income rather than the 15% tax rate as investments. Lots of repubs were upset that he would suggest this, and claimed that the investors would simply take their money to offshore accounts and pay no taxes.

His response - taxes are part of the price of living here. If an individual wants to put their money in offshore accounts to avoid taxes, they should be required to change their citizenship to that offshore country. The current immigration bill requires illegals who want to become legal to pay back taxes - why shouldnt we require those who are here to pay taxes as well?

[Tandalayo_Scheisskopf]

4. If they don't...

Strip their citizenship and place the affected companies under federal court receivership and turn them into employee-owned concerns.

It's time for some spine.

[BurtWorm]

5. Offshore law evasion.

http://www.ratical.org/ratville/CAH/linkscopy/HCtOiI.html

Halliburton Connected to Office in Iran

Dow Jones, 1 February 2001



Halliburton Co., the U.S. oil-services giant until recently headed by Vice President Richard Cheney, has opened an office in Tehran and operated in Iran in possible violation of U.S. sanctions, Thursday's Wall Street Journal reported.

Since 1995, U.S. laws have banned most American commerce with Iran. Halliburton Products and Services Ltd. works behind an unmarked door on the ninth floor of a new north Tehran tower block. A brochure declares that the company was registered in 1975 in the Cayman Islands, is based in the Persian Gulf sheikdom of Dubai and is 'non-American.' But, like the sign over the receptionist's head, the brochure bears the Dallas company's name and red emblem, and offers services from Halliburton units around the world.

Mr. Cheney's spokesman, Juleanna Glover-Weiss, declined to comment, except to say that 'the vice president is no longer head of Halliburton and has severed all ties to the company.'

But a U.S. official said a Halliburton (HAL) office in Tehran would violate at least the spirit of American law. The Treasury Department's Office of Foreign Assets Control declined to comment on a specific company, referring inquiries to a Web site summary of Iran sanctions that bans almost all U.S. trade and investment with Iran, specifically in oil services. The Web site adds: 'No U.S. person may approve or facilitate the entry into or performance of transactions or contracts with Iran by a foreign subsidiary of a U.S. firm that the U.S. person is precluded from performing directly. Similarly, no U.S. person may facilitate such transactions by unaffiliated foreign persons.'

An executive order signed by President Clinton in March 1995 prohibits 'new investments by U.S. persons, including commitment of funds or other assets.' It also bars U.S. companies from performing services 'that would benefit the Iranian oil industry.' Violation of the order can result in fines of as much as $500,000 for companies and up to 10 years in jail for individuals.

Halliburton spokeswoman Wendy Hall said the Tehran office didn't violate the Treasury Department's restrictions on foreign subsidiaries of U.S. firms operating in Iran.

[terisan]

6. Let them be Indian corporations or Chinese corporations.

The sooner we address this, the better. We need to get back to building strong American businesses not protecting monopolies and freeloading multinationals.

[onehandle]

7. Like Accenture, who's address is a post office box island in the Caribbean...

...and who's main business is outsourcing to India and other parts of Asia.