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6 Comments
eric3579I feel the need to keep posting these links as long as i see videos on the Panama Papers
Corporate Media Gatekeepers Protect Western 1 Percent From Panama Leak
http://www.truthdig.com/report/item/media_gatekeepers_protect_western_1_percent_from_panama_leak_20160404
Disgraceful BBC Panorama Propaganda Hides Grim Truth About Britain
https://alethonews.wordpress.com/2016/04/05/disgraceful-bbc-panorama-propaganda-hides-grim-truth-about-britain/
newtboyIt seems like it's time to petition the white house to go after ANYONE named in the papers, and let them prove in court that they weren't really evading taxes and that they had a legitimate, legal reason to have their money there, or go to jail for tax evasion like Capone. If 95% of what they do there is tax evasion, it's reasonable to presume their customers guilty until proven innocent.
If we aren't going to prosecute these people for clearly and massively stealing from the country, then there is no rule of law and it's already Mad Max times, and the Koch brothers are really the Lord Humongous and Immortan Joe .
oritteropoThe one problem with that is that, surprisingly, none of the revealed names are from the US. My country is well represented, as is Europe, but it seems that your countrymen didn't use Mossack Fonseca. Given that Panama based its laws on Delaware, perhaps they prefer Delaware LLC's? Perhaps it's the office next to Mossack Fonseca that has a monopoly on the US shell companies?
Perhaps one day we'll find out.
It seems like it's time to petition the white house to go after ANYONE named in the papers, and let them prove in court that they weren't really evading taxes and that they had a legitimate, legal reason to have their money there, or go to jail for tax evasion like Capone. If 95% of what they do there is tax evasion, it's reasonable to presume their customers guilty until proven innocent.
If we aren't going to prosecute these people for clearly and massively stealing from the country, then there is no rule of law and it's already Mad Max times, and the Koch brothers are really the Lord Humongous and Immortan Joe .
newtboyMaybe, but I doubt it. Time will tell. I expect to see American's names soon enough.
I don't think LLC's are good places to hide assets, only to hide personally from liability or debts incurred by the company. Maybe that's wrong, I'm no corporate lawyer, but that was my understanding.
The one problem with that is that, surprisingly, none of the revealed names are from the US. My country is well represented, as is Europe, but it seems that your countrymen didn't use Mossack Fonseca. Given that Panama based its laws on Delaware, perhaps they prefer Delaware LLC's? Perhaps it's the office next to Mossack Fonseca that has a monopoly on the US shell companies?
Perhaps one day we'll find out.
oritteropoStraight after submitting my earlier comment, I came across an article on the BBC site that covers this - http://www.bbc.com/news/world-us-canada-35966612
The author of that article shares my suspicions about Delaware LLCs (and drags out a quote that "Somalia has slightly higher standards than Wyoming and Nevada."), and also says that those who wanted to avoid taxes preferred other places, like Bermuda, the Cayman Islands or Singapore, and not Panama. FATCA has also made things harder.
Maybe, but I doubt it. Time will tell. I expect to see American's names soon enough.
I don't think LLC's are good places to hide assets, only to hide personally from liability or debts incurred by the company. Maybe that's wrong, I'm no corporate lawyer, but that was my understanding.
newtboyIf you noticed, they only get to pay the lower state tax rate in Delaware, Wyoming, or Nevada. LLCs don't shield them from federal taxes like off shore shell companies do. The shell companies allow them to pretend they don't have the money at all, and pay NO federal taxes.
Some Americans have been named already, with more to come. WOO HOO!
http://www.usatoday.com/story/news/2016/04/06/panama-papers-americans-with-past-financial-crimes/82704788/
Straight after submitting my earlier comment, I came across an article on the BBC site that covers this - http://www.bbc.com/news/world-us-canada-35966612
The author of that article shares my suspicions about Delaware LLCs (and drags out a quote that "Somalia has slightly higher standards than Wyoming and Nevada."), and also says that those who wanted to avoid taxes preferred other places, like Bermuda, the Cayman Islands or Singapore, and not Panama. FATCA has also made things harder.
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