Offshore and Tax Haven Explainer

Friday, July 20, 2012

David Cay Johnston, tax columnist for Reuters, explains how offshore tax havens actually work, who has access to them, and the gray areas of the law.

Comments [11]

TTax lawyer from CANADA

Form 90.22-1 must be filed by any American with a foreign bank account with more than $10,000. Willard Romney had those accounts BUT did NOT release them when he claimed to have released his 2010 Tax Returns

Jul. 20 2012 02:06 PM
Gary from queens

your broccoli is shipped via truck. that's how fuel affects price of food.

Drilling permits approved by Bush. Obama is not permitting it on gov lands. it's all being held up.. offshore drilling also. plus that pipeline.

Jul. 20 2012 12:22 PM
Mike from Tribeca

gary from queens-- How do presidents effect fuel prices? You do know that oil-drilling licenses have increased three-fold in the past three years, right?

Jul. 20 2012 12:07 PM
gary from queens

Dear Mike from tribecca,

Food prices went up when fuel prices went up. futures market raises fuel prices from forcasting tomorrow's supply. and obama's policies is keeping fuel expensive.

Jul. 20 2012 11:59 AM
John A.

Must be on to something good, Gary is rolling out acres of camouflage.

Jul. 20 2012 11:46 AM
Mike from Tribeca

gary from queens - re #9: How is President Obama responsible for higher food prices? Call me naive, but food is generally produced and priced by private businesses, not the federal government, and last I heard the president doesn't possess drought-reducing super powers (yet).

Jul. 20 2012 11:44 AM
gary from queens

WHat a surprise! Johnston says he wants Romney to disclose more tax returns so Obama staff can talk about what they find for 4 months.

How about Obama releasing some things?

Top Ten Things Obama Has Not Released

by Joel B. Pollak
18 Jul 2012

Jul. 20 2012 11:42 AM
james from nyc

how did he get 102 million into an IRA?

Jul. 20 2012 11:41 AM
Phil from Brooklyn

Wow. Obviously allowing this behavior is little more than a huge off-the-books corporate subsidy. Depressing, but unsurprising.

Meanwhile, we actually HAVE demanded that paramilitary forces be used in New Zealand to seize property of Americans to prevent the downloading of a few movies as the Film Industry. (Mega Upload raid)

The obvious solution is for individuals and domestic businesses to set up international transactions using the internet to evade taxes on a much larger scale. Once everyone is on to it, the crony capitalism will have to be sacrificed.

Jul. 20 2012 11:35 AM
Mike from Tribeca

The take-away is Bernie Madoff was an amateur.

Jul. 20 2012 11:35 AM
gary from queens

What mark Halpern neglected to mention in the first segment is that NPR and Brian Lehrer Producers are PART of "The Obama Message Machine."

Case in point: The recent class warefare attacks by Obama.

When Obama alleged Romney was a felon or a liar with respect to his FTC filings, you devoted several segments to it.

WHY? Because it was deemed a strategic loser for Mitt. Same with Romney's offshore bank account. You are STILL covering that here in this segment.

But the other subset of the class warefare attack is Obama's "you didn't start this business on your own."

YET you have not touched that subject. Even tho Obama is not only not walking it back, but rather doubling down on it days afterwards!

WHY THE SILENCE? Because even the NY Times declared that Obama is losing that argument in the polls and Romney is getting great milage on it.

I can also cite your selective silence on Obama's unlawful unilateral gutting of the work requirement for welfare the other week.

And where are you on all the US cities filing for bankruptsy or on the verge of it?! The networks led with that story on at least two nights recently.

How about these timely economic stories:

1. Weekly jobless claims shot up to 386,000.

2. Foreclosures are hitting our most vulnerable citizens.

3. Factory activity contracted for a second month in a row.

4. Home sales dropped a whopping 5.4% -- the biggest drop in nine months.

5. Retail sales dropped for the third straight month.

6. Consumer confidence dipped to 84.7.

7. U.S. business inventories increased by .3%...

8. …sales dropped .1%.

9. Food prices are skyrocketing.

10. More Americans are getting federal disability than jobs.

We have a Community-Organizer-in-Chief is the White house attempting to ignite an anti-capitalism, anti-capitalist, anti-free market frenzy among the public.

By your selection of what is "news" worthy, it's long past time for you to acknowledge the obvious:

YOU are part of the Obama Message Machine.

Jul. 20 2012 10:22 AM

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