The Panama Papers exposed the
tip of a hugely dirty iceberg. Rich and powerful public and private figures
hide wealth in tax havens to avoid paying what they owe.
Governments protect their privileged class, notably America, the
world’s leading tax haven, letting foreign corporate and high-net
worth individuals shelter their wealth, free from taxation.
Many thousands of US businesses and wealthy individuals largely
avoid taxes by registering in Delaware, more a tax haven than a
state.
Trump and Clinton do it at the same 1209 North Orange Street
Wilmington, Delaware address, along with 285,000 business firms,
London’s Guardian reported.
They’re both tax cheats. So is Hillary’s husband Bill, sheltering
his wealth at the same Corporation Trust Centre (CTC) address, a tax
avoidance scam few Americans know anything about.
Registering in Delaware lets businesses and shell companies created
solely for tax avoidance “take advantage of strict corporate secrecy
rules, business-friendly courts and the ‘Delaware loophole,’ which
can allow companies to legally shift earnings from other states to
Delaware, where they are not taxed on non-physical incomes generated
outside of the state,” the Guardian reported.
Clinton and Trump refuse to explain why they’re tax cheats. Clinton
lied, claiming as president she’ll crack down on “outrageous tax
havens and loopholes that super-rich people across the world are
exploiting in Panama and elsewhere.”
After returning to private life in February 2013, she “registered
ZFS Holdings LLC at CTC’s offices,” reported the Guardian.
“Bill Clinton set up WJC LLC, a vehicle to collect his consultation
fees, at the same address in 2008.”
A spokesman for Hillary claiming the move wasn’t for tax avoidance
lied. Registering in Delaware enables it.
Trump’s business interests include 100s of companies - 378
registered in Delaware, reported the Guardian. He pays the state of
Delaware a lot of money, he said, failing to explain how much he
saves by cheating other states where his businesses operate.
An Institute on Taxation and Economic Policy report, titled
“Delaware: An Onshore Tax Haven” called the state “a magnet for
people looking to create anonymous shell companies, which
individuals and corporations can use to evade an inestimable amount
in federal and foreign taxes.”
More businesses register in the state than its population of under
one million. Clinton called tax havens “a perversion” while she and
husband Bill take advantage of a corrupt system legally.
Stephen Lendman lives in Chicago. He can be reached at
lendmanstephen@sbcglobal.net.
His new book as editor and contributor is titled "Flashpoint in
Ukraine: US Drive for Hegemony Risks WW III."
http://www.claritypress.com/LendmanIII.html
Visit his blog site at sjlendman.blogspot.com.
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