Paying taxes

[George Klass]

I'm all for paying my fair share of taxes, I'm sure that we all do. Same with corporations, I'm sure that they feel the same way...................NOT.

In the news the other day, there was a story about a single 5-story building in the Cayman Islands that is the HOME of over 12,000 "U.S." corporations. Ah yes, I guess they just like the island lifestyle, but really, 12,000 companies in one 5-story building? That must be pretty tight quarters with 2,400 companies on each floor, LOL.

[Jimmy Biggs]

Man would I like to be that Landlord :-D

[George Klass]

Ha ha, Jimmy, the landlord is probably the only honest operation in the building.

So, how many billions of potential tax dollars do you think that those corporations keep out of reach from Uncle Sam?

[Jimmy Biggs]

I saw a report on that and folks would be shocked "who" are the business's in that building...... even some of our Law Makers has business's in there......... :confused:

[nos351]

Caymans having a great banking system, dont ask dont tell.
Now where have I heard that before?

[George Klass]

What, do they have gay banks over there?

[nos351]

Ya, they just spell it different...the Gaymans.

[nos351]

George you should tell your buddy O'Neal to come over to YB he would have a blast.

[George Klass]

I mentioned it to Mark once already, told him that he could have alot of fun over here. I don't know why he hasn't signed up to post his shit. I know that he has read some of the posts because he emailed me about it. He told me that he knows that I'm a registered Republican (which is true) and that I just needle the right wing whackos just to get a rise out of them (which is true).

YellowBullet is the best thing since the invention of the machine gun, like Disneyland for adults. I feel so indebted to Al Gore for inventing the internet that I could just stand in the middle of my office and pee on the wall.

[hhott71]

Business don't pay taxes.

Product equals
Materials
Labor
Company costs (INS, Utilities,etc)
TAXES
Profit

So you have a $100 item
$40 in materials
$35 labor
$10 in Company costs
$10 in TAXES
$5 Profit

So You move out of the Country,,
You can sell it for $100,, but so has your completion moved,,, and they want to sell MORE,, so they drop the price to $90-95

You can drop your price,, to match or beat them.


But anyway you measure it, TAXES on a business is just like the Electric bill,,, its a COST.

[O.C White]

I wonder how many of those businesses are of the illegal narcotic type?

[George Klass]

Nah, I don't think so. Drugs are a cash business, they usually don't take checks or credit cards. No reason to use an offshore account for cash, they don't pay taxes anyway.

[Shelton_Barrs]

Nah, I don't think so. Drugs are a cash business, they usually don't take checks or credit cards. No reason to use an offshore account for cash, they don't pay taxes anyway.

You from California and you don't know about money laundering? Big business in Florida...well not quite so much as it was back in the 80's but still. You can bet there is plenty of drug money running through the banks in the Caymans with fake businesses...and the Swiss aren't any better.

[Jimmy Biggs]

You from California and you don't know about money laundering? Big business in Florida...well not quite so much as it was back in the 80's but still. You can bet there is plenty of drug money running through the banks in the Caymans with fake businesses...and the Swiss aren't any better.

If your using Cayman Banks you don't need to Launder money lol........ You use em to hide money that you got legit in the US...... The Swiss accounts are available to see in the US....

[Shelton_Barrs]

If your using Cayman Banks you don't need to Launder money lol........ You use em to hide money that you got legit in the US...... The Swiss accounts are available to see in the US....

You think all that money down in the Caymens is from legit businesses? Know a couple that will think that is rather humerous...And contray to what you read the Swiss banks (while they are more open than they used to be) are not all that open still. Nothing like the American banks...

[Greg2]

This is news? Do some homework and find out how many legitimate U.S. corporations are incorporated in the state of Delaware, even though they have no offices there. It's long been known that DE has some of the most relaxed corporate tax regulations in the U.S.

Oh, and before anyone goes bashing corporations, take a look at trailers next time you're at a national IHRA or NHRA event. It's amazing how many race teams have license plates from place like Oregon. In states like MI, where I live, the $ to register a vehicle or trailer is based on the market value of that vehicle. So while a $2500 Mustang might only bring a $50 plate fee, a brand new Mercedes, Ferrari, or - surprise!- toter home might command $1000+ per year. That doesn't include additional luxury taxes, etc. So race teams set up dummy corporations in states that charge a flat fee- let's say $65 per year- and register vehicles and other business expenses through that dummy biz. I find it funny that some people bitch about this sort of thing, then turn around and do the same shit with their trailers, or small business. Oh, and Washington politicans thought of this shit long before any of us, yet they'd love to crack down on us while escaping the crackdown in the Caymans.

[Mike Tritle]

www.fairtax.org

Nuff Said.

[nos351]

www.fairtax.org (http://www.fairtax.org)

Nuff Said.

Right on cue.....LOL

[Jimmy Biggs]

This is news? Do some homework and find out how many legitimate U.S. corporations are incorporated in the state of Delaware, even though they have no offices there. It's long been known that DE has some of the most relaxed corporate tax regulations in the U.S.

Oh, and before anyone goes bashing corporations, take a look at trailers next time you're at a national IHRA or NHRA event. It's amazing how many race teams have license plates from place like Oregon. In states like MI, where I live, the $ to register a vehicle or trailer is based on the market value of that vehicle. So while a $2500 Mustang might only bring a $50 plate fee, a brand new Mercedes, Ferrari, or - surprise!- toter home might command $1000+ per year. That doesn't include additional luxury taxes, etc. So race teams set up dummy corporations in states that charge a flat fee- let's say $65 per year- and register vehicles and other business expenses through that dummy biz. I find it funny that some people bitch about this sort of thing, then turn around and do the same shit with their trailers, or small business. Oh, and Washington politicans thought of this shit long before any of us, yet they'd love to crack down on us while escaping the crackdown in the Caymans.

Greg there is a little difference..... One is you can't avoid the Luxury Tax the maufactorer charges that to you....... as for state corporation tax structure Delaware and Nevada are probably the best. Florida has great protection from lawsuits as you can't loose your house. Maine is great for registering your tractor trailer because you can get a 6 year tag for $100........ HOWEVER these are all Legal in the US.......... Caymans are illegal because you are evading taxes completely

[Jimmy Biggs]

My oldest son just came back from Austrailia he said there is No Income Tax just a tax on everything you purchase which I must agree is a good idea

[Mike Tritle]

My oldest son just came back from Austrailia he said there is No Income Tax just a tax on everything you purchase which I must agree is a good idea

That is almost exactly what the Fair Tax is except the tax is "in the price of" insteatd of "on" everything you purchase. There is a difference.

Biggest benefit is that workers take home every dime of their pay less employee share of benefits like health insurance and personal use of company car, etc. No more FICA or IC Witholding.

Those who want to look up the actual bill can link on www.fairtax.org or search bills HR25 and S25.

Then, if you are in favor, you need to blitz your Senators and Reps to let them know you're there.

[Mike Tritle]

Lost in Edit:

My oldest son just came back from Austrailia he said there is No Income Tax just a tax on everything you purchase which I must agree is a good idea

That is almost exactly what the Fair Tax is except the tax is "in the price of" instead of "on" everything you purchase. There is a difference.

Now pimps, prostitutes, bank robbers, cash workers, drug dealers and illegal aliens all pay their fair share as well.

Market forces hold pricing levels to status quo (remember, corporate taxes constitute 22% of the price of everything we buy now and that cost will go away under the FairTax) but everybody gets a raise w/o witholding. Buying power goes up, reasons for hiding in the Caymans and other places goes away and the money comes back into the US Economy. Po folks are protected by a rebate provision that rebates the tax portion of scheduled purchases of necessities on a monthly basis. It's a win-win except for the beaurocracy of the IRS which is eliminated under the FairTax Program.

Biggest benefit is that workers take home every dime of their pay less employee share of benefits like health insurance and personal use of company car, etc. No more FICA or IC Witholding.

Those who want to look up the actual bill can link on www.fairtax.org or search bills HR25 and S25.

Then, if you are in favor, you need to blitz your Senators and Reps to let them know you're there.

[George Klass]

Mike, common sense should tell us that taxing what we purchase is the smartest and easiest way to go, and the fairest also. It's as close as we could come to taxing everyone fairly and equally. The wealthy purchase more and so, they would be taxed more. And right there is exactly why you will never see if implimented.