The president announced a plan today to lessen the advantage of using tax havens. There will be kvetching. I feel little sympathy.
Is this what he’s talking about? Dennis Washington is a very wealthy man with one of the largest yachts in the world. He is an American and made his money here. The yacht is flagged in the Cayman Islands. I took the photo in Cabo San Lucas, Mexico.
The same question goes for Donald Trump’s jet. It’s callsign is VP-BDJ. I wrote about this in more detail in February 2006.
Why is Donald Trump’s jet registered on a British Island? Whatever the reason I suspect I don’t benefit.
2 thoughts on “Offshore Taxes”
many politicians have campaigned on the promise of closing this and other similar loopholes, will it finally happen this time?
You know who’s not kvetching about this? Tax lawyers. Every closed loophole leads to new ones. Like the whack-a-mole game. Tax lawyers and accountants would be tasked to replan entirely the tax structures for extreme high net worth individuals and corporations. This spending and reorganization will probably yield the same level of taxation- but there will be an extra drag on the economy due to the compliance costs. This is a wonderful political play with lots of applause lines ahead, but it will have a neutral effect at worst. It doesn’t begin to address the revenue shortfalls that we are facing.