That is pretty much true. I see that Democracy Now has taken up the offshore tax haven issue, here…
For example, if you are a wealthy Mexican investor, you can hold your bank deposits in New York City in Citibank or UBS tax-free. The U.S. government doesn’t collect taxes on bank deposits by nonresident aliens. And it doesn’t tell the Mexican authorities that you’re earning all that money. So, basically, we have designed our tax laws—the United States, the U.K., Switzerland—to become the largest tax havens in the world. The actual offshore islands, like the Caymans, are just conduits to these ultimate destinations.
touted benefits includes confidentiality and ‘asset protection’
but, the US isn’t a tax haven is it? Has someone told the IRS?
Article ‘How the largest tax crackdown in world history failed and could go right again
By Tim Fernholz’
Author winds himself in knots trying to justify why this situation will all turn out for the better in the end, and excuses the tax haven behaviour of the US without mentioning Wachovia, or US banks harboring drug money being laundered, profiting from providing financial secrecy for accounts owned by non-US residents from S. and Central America, Mexico, etc.
…..”One reason for the international uproar about FATCA is that the US isn’t
innocent of receiving illicit flows of capital. While it doesn’t have
the bank secrecy rules other havens boast, the world’s largest economy
attracts a lot of foreign investment, and it’s easy to blend in thanks
to lax rules about identifying shell companies in states like Delaware,
Montana and Nevada. The IRS reports more receiving more requests (pdf) for tax information from revenue collectors countries than it sends out”…..
“………..But even though America’s heavy-handed pursuit of its own tax evaders
abroad while it shelters foreign ones in America seems hypocritical…………”……..
That is pretty much true. I see that Democracy Now has taken up the offshore tax haven issue, here…
http://www.rbcwmfiduciarynews.com/archive.php?cat=Geographies&find=US%20and%20Canada
See “The Delaware Advantage”
touted benefits includes confidentiality and ‘asset protection’
but, the US isn’t a tax haven is it? Has someone told the IRS?
Article ‘How the largest tax crackdown in world history failed and could go right again
By Tim Fernholz’
Author winds himself in knots trying to justify why this situation will all turn out for the better in the end, and excuses the tax haven behaviour of the US without mentioning Wachovia, or US banks harboring drug money being laundered, profiting from providing financial secrecy for accounts owned by non-US residents from S. and Central America, Mexico, etc.
…..”One reason for the international uproar about FATCA is that the US isn’t
innocent of receiving illicit flows of capital. While it doesn’t have
the bank secrecy rules other havens boast, the world’s largest economy
attracts a lot of foreign investment, and it’s easy to blend in thanks
to lax rules about identifying shell companies in states like Delaware,
Montana and Nevada. The IRS reports more receiving more requests (pdf) for tax information from revenue collectors countries than it sends out”…..
“………..But even though America’s heavy-handed pursuit of its own tax evaders
abroad while it shelters foreign ones in America seems hypocritical…………”……..
http://qz.com/3523/how-the-global-effort-to-fight-tax-cheats-went-wrong-and-could-go-right-again/