The Homa Files

Excerpted from the WSJ, Hillary Clinton Op-Ed, Aug. 6, 2008

“Tucked away on the Cayman Islands sits Ugland House, an unassuming, nondescript building of modest scale and size. However, according to a recent report by the Government Accountability Office (GAO), this five-story office building is home to more than 18,000 corporate entities, nearly half of which have U.S. ties.

In the past few years, the number of corporations flocking to places like the Cayman Islands to evade U.S. taxes has exploded … these companies … have used offshore tax havens to avoid paying hundreds of millions of dollars in federal taxes. “

Full Op-Ed:
http://online.wsj.com/article/SB121798030763715107.html?mod=opinion_main_commentaries

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One rhetorical question:

U.S. corporate tax rates are among the highest in the world.   If we raise them — even if only selectively — say on oil companies — would you expect corporate off-shoring  to speed up or slow down?  Hmmm ….

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This entry was posted on August 6, 2008 at 6:46 am and is filed under Government & Politics, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.