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LookieNoNookie -> RE: The beset upon corporations (11/17/2012 6:19:25 AM)
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quote:
ORIGINAL: mnottertail
quote:
ORIGINAL: LookieNoNookie
quote:
ORIGINAL: mnottertail
American Bureau of Shipping (not for profit) has 60 Billion laying in the Caymans. The Chinese fined them 20 million for tax fraud.
Here, they have done nothing wrong, and enjoy special status, even though it is plain they are criminals.
The National Football League (yanno, the one that negotiates all those juicy television contracts?) Not for profit?
That sort of money in these not for profits could be dropped on the national debt.
They're hardly criminals....they're paying taxes based on current law.
(And just for the record...this is the shit that makes this all so vibrantly hilarious.....each of these groups....NFL, Baseball, etc., pays out 100% of it's "income" to players and staff. And they ....all of them...pay full, 100% taxes. So...every dime is accounted for. It reminds me of all the bitching people do about illegal Mexicans/Hispanics overrunning our health care and unemployment systems. They all pay SSI, they all pay income taxes and unemployment (except for those who are paid cash....which is a less than nominal number)...none of which, they'll see a dime for...they will never collect a dime.
Economics 101 is a very simple class....most of you should take it.
You might take it then, since you demonstrate inumeracy.
60 billion in the caymans is not a distribution. Nobody said they were criminals in the US under our craven corporate capitulist laws, they are however criminals in the rest of the world. Why do non-profit if there is no difference?
http://profootballtalk.nbcsports.com/2012/10/18/republican-senator-targets-nfls-non-profit-status/
Waltz me thru the numbers, after you get thru the 101, K?
One has to put there money somewhere, the Caymans is a common place to store large sums.
GE, Microsoft and others do it as well.
It is not a sign of hiding money (as they so clearly state in their annual reports as to its location), it's a sign of (responsibly) not leaving it in open duffel bags out in the front lobby next to the Coke machine.
101.
"The Caymans" has become a demonized phrase by the press. It's nothing more than a place to safely keep money just like places in Switzerland, Brazil etc. If it can make more money there (such as in Brazil) or is subject to fewer taxes (such as in Switzerland) on the income from same, it's a prudent corporate move.
Reminds me of the froth some mid 1800's politician attempted to get voters all lathered up into when he said "and don't forget, my opponent has a sister who is a practicing thespian!"
People hear what they want to hear.
(Rarely do they hear what was actually said).
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