Tell me why we can't neuter certain people?

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Originally posted by: malibber2

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Originally posted by: DonDiego

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Originally posted by: wispitfire
Is it not welfare that companies are now able to take the revenue earned here overseas to not pay taxes on it?

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DonDiego is presently under a self-imposed restriction on stating his opinion on such matters as tax policy.

However, he is permitted to address statements of fact. In that regard poor old DonDiego questions the proposition that domestic revenue [or, more likely "domestic profits"] of domestic corporations may be moved overseas to avoid domestic [i.e. USA] taxes.
In fact, the US tax code requires US corporations overseas to pay US income-taxes on foreign income, or at least the difference between the foreign income-tax already paid and the usually higher US income-tax, when/if that income is repatriated.

Ref: Tax Foundation

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As malibber understands it here is how it works. You set up and IBC in a country that has no income tax. Typically this runs $1,200 or less and is a onetime fee. Once you have your IBC you hire a group of people to act as your board of directors typically this will run you $1,200 a year or so. The board opens a bank account for you in the name of your IBC with an international bank that does business in the host country. You redirect all of your incoming revenue to the IBC which has a 0% taxation rate and doesn't even require any accounting records. You only pay taxes when the IBC makes out a check to you personally and your bring it into the U.S. All the other money the IBC has sits there growing tax free. You can open investment accounts and do anything you would with the money you would in the U.S.

You also get ATM/ Debit Card access to your money here in the U.S. whenever you want or need it.

Then you simply wait for the next republican president to declare a tax holiday on overseas money and you bring it all back into the us tax free.

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