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The 7 - Current Events & Politics - Offshore Companies Receive $1 billion in Gov't contracts
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spf
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#1 Posted on 26.5.03 2256.48
Reposted on: 26.5.10 2259.01
A study finds companies setting up shop in the Caymans receiving huge US government contracts. (story.news.yahoo.com)

I know there are those who will say what is said in the story "this is a problem with the tax code" but really this strikes me as a patriotism argument as well. On Memorial Day we honor those who sacrificed everything for the government, who then rewards companies who willfully try to evade paying their share to the government. The government who along with everything the conservatives despise also pays for the military that tries to safeguard the world and the benefits for those who fought and gave of themselves for this country. I bet if I go to Accenture's offices here in town they'll have big US flags up, and maybe still have stuff about remembering 9/11 and supporting our troops on their property, but to me they sure are doing so in a piss poor manner.
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Grimis
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#2 Posted on 27.5.03 0554.50
Reposted on: 27.5.10 0557.51
It is certianly a problem. But as you mentioned, this is indicative of a huge problem with the tax code. Corporate taxes are so high businesses have to move offshore to stay profitable. And while "staying profitable" sounds evil and corporate, it does translate to some job retention in the states. We do need to take steps to reverse this, but we should start by lowing the taxes.
godking
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#3 Posted on 27.5.03 0849.06
Reposted on: 27.5.10 0849.18
But as you mentioned, this is indicative of a huge problem with the tax code. Corporate taxes are so high businesses have to move offshore to stay profitable.

This is a myth. Corporate taxes in the United States right now are lower than they ever have been at a federal level, and it's a very common practice for companies to set up their national headquarters in states that pay no state corporate taxes like Delaware - or get exempted, as McDonald's does for operating their national headquarters in Illinois. Furthermore, corporate taxes are lower in the United States than anywhere else in the First World, but you don't hear about French or German or British companies falling over themselves to relocate to the Caymans.

If businesses have to move offshore to remain profitable, then there's something deeply wrong with the operation of those businesses, not the tax code. There's only so much repetition of the "we need more tax cuts" mantra conservatives can offer up before it becomes ridiculous.
ges7184
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#4 Posted on 27.5.03 1015.48
Reposted on: 27.5.10 1021.00
This is not tax evasion, it's tax avoidance. All companies attempt to avoid taxes (as well as individuals), it's only common sense. Tax evasion, however, is illegal.

I still don't see paying taxes as patriotic, just as something we all have to do. If there was a way around it, I would be all for it. But there are things that government need to do, and they need money to do so. The goal should be to meet only the necessary requirements, and as cheaply as possible.
messenoir
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#5 Posted on 27.5.03 1355.10
Reposted on: 27.5.10 1357.04
Companies move to other countries for many reasons. Doe Run lead mining company, for example, opened up mines outside of Missouri because they didn't have to provide safety equipment for the workers or filters on the stacks. Many companies move because they can pay their workers less, use less safety equipment, cut corners on building costs, etc.

This doesn't mean we should have looser standards here.
PalpatineW
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#6 Posted on 27.5.03 1821.45
Reposted on: 27.5.10 1822.29

    Originally posted by godking
    you don't hear about French or German or British companies falling over themselves to relocate to the Caymans.


Because those companies are largely government-owned in the first place.
godking
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#7 Posted on 27.5.03 2104.14
Reposted on: 27.5.10 2106.00
Because those companies are largely government-owned in the first place.

The top ten French corporations by size:

1.) TotalFinaElf (energy)
2.) AXA (insurance)
3.) Carrefour (retail)
4.) Vivendi/Unversal (entertainment)
5.) Peugeot (automotive)
6.) France Telecom (telecommunications)
7.) Suez SA des Eaux (waste disposal)
8.) Renault SA (automotive)
9.) Credit Agricole (bank insurance)
10.) ITM Entreprises (retail)

Of those ten, only France Telecom is government owned (it's the primary telecommunications company in France).

As for Germany? Well, the German government doesn't own BMW, DaimlerChrysler, Bayer, Deutschebank, Karstadt, Bertelsmann, BASF, Lufthansa, Siemens and Volkswagen. In fact, according to this handy report, only 1.2 percent of all German companies are even partially owned by the government, and the German government holds a majority stake in precisely zero percent of them. So, I think at this point we can dismiss your "the government owns all those companies so they can't relocate" argument as being kind of not true.

(Two minutes on Google. That's all it took.)
MoeGates
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#8 Posted on 29.5.03 2136.33
Reposted on: 29.5.10 2140.22
I took a piss on the AXA building at (I believe) 49th and 6th one late night after celerating my big win at poker night a bit too heavily. I feel so much better now that I know it's French.

EDIT: 51st and 6th. When you're a licensed New York City Sightseeing Guide you've got to know these things.

(edited by MoeGates on 31.5.03 1336)
Grimis
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#9 Posted on 30.5.03 0607.37
Reposted on: 30.5.10 0612.10

    Originally posted by MoeGates
    I took a piss on the AXA building at (I believe) 49th and 6th one late night after celerating my big win at poker night a bit too heavily. I feel so much better now that I know it's French.


HA!
messenoir
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#10 Posted on 30.5.03 1225.05
Reposted on: 30.5.10 1229.12
Should I start making anti-American jokes now? I assume that would lead to many people insulting me.
Nate The Snake
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#11 Posted on 30.5.03 1555.04
Reposted on: 30.5.10 1556.13

    Originally posted by messenoir
    Should I start making anti-American jokes now? I assume that would lead to many people insulting me.


Hey, go right ahead as far as I'm concerned. It's Zed's board, but I'm all for equal time.
messenoir
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#12 Posted on 31.5.03 1431.32
Reposted on: 31.5.10 1431.37
Actually, no, I think those kind of jokes are tasteless and have no place in a politics forum. I'm strange that way.
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