US States as tax havens
Posted by Bill, July 22nd, 2009 - under Tax, Tax Office, Tax avoidance, Tax evasion, Tax havens, United States.
Here is part of what the Australian Tax Office wrote to Senator Carl Levin, the Chair of the US Committee on Homeland Security and Government Affairs. ‘In our opinion, entities established in some states of the US, for example some US incorporated companies, have some of these same attributes as entities established in secrecy havens.’ These attributes include tax avoidance and evasion, investor fraud,manipulation of markets and sometimes money laundering. So there we have it. The US has its own internal tax and secrecy havens. Now for the UK and its disgraceful tax havens.
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Comments
Comment from Bill
Time July 22, 2009 at 11:16 am
Until just recently you would have been exempt from Australian tax if an Australian resident and it was salary and wages. Now, you will get a credit for any US tax paid against your Australian tax. There’s a double tax agreement in place which basically means you won’t pay more than the Australian rate of tax, not 70 percent as you suggest.
Comment from Mike
Time July 26, 2009 at 2:01 am
Of course, the UK itself is one very big tax haven with their antiquated access powers to conduct tax inquiries and lax regulatory systems governing banks and financial intermediaries which has so recently let them down very badly.
Comment from ponde
Time July 22, 2009 at 10:59 am
Both ATO’s are just money grabbers.
Say i work in america and earn $20,000.
The ATO will need me to pay tax on it as well as the IR will want their tax too. So i am paying 70% tax