Tag Archives: corporate weasels

Eight ways Wall Street gets a better deal on taxes than you do

Why do Americans perceive the tax code as unfair?

Because at least some of it is. As Warren Buffet famously pointed out, when he can pay a lower tax rate than his secretary, something is wrong.

Writing in The New York Times, Victor Fleischer suggests eight changes in interpretation and enforcement of the code to close loopholes. These changes could be made by IRS and the Treasury Department without any Congressional action.  They’re all aimed at such Wall Street practices as the carried interest loophole that allows venture capitalists to pay 15% tax on their services.

I don’t know if I like the idea of Treasury and the IRS taking action without new legislation. But who wouldn’t like to see some high-end loopholes narrowed or closed?

Corporate Cayman Islands tax shelters rip off U.S. taxpayers

*”Corporations are people, my friend.” –Mitt Romney, August 11, 2011 Statistic of the day: A single five-story office building is the registered address of more than 18,000 companies. How is that possible? Well, the building is in the tax haven of the Cayman Islands, and most of those businesses are registered there only for tax…Continue Reading

Multinationals seek tax heavens, er, havens . . . oh, what’s the diff?

More and more U.S.-based corporations are growing wings and flying away from their U.S. tax obligations. Bloomberg puts it as simply as possible: “U.S. companies looking for lower tax bills are heading for the exits, and Congress is doing nothing to stop them.” The immediate impetus for the story was Pfizer’s proposed purchase of AstraZeneca,…Continue Reading

They were against Medicare until they were for it

Republicans kept banging on the idea of privatizing Medicare until, as The New York Times notes, it became clear just how big a non-starter that idea is with the American public. The shrink-the-government yahoos are apparently unyielding on their ideology until that ideology threatens their hold on the government. Not only would privatizing Medicare eliminate…Continue Reading