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This seams to be a moot point... So far most people named in the Panama docs are not US nationals. Most US nationals have lots of options of hiding their taxes
by mtanski 11y ago
This seams to be a moot point... So far most people named in the Panama docs are not US nationals.
Most US nationals have lots of options of hiding their taxes inside. Weather it's Delaware corps, or trusts in the Dakotas. There's a great story on Planet Money about this.
- dcposch 11y ago> Weather it's Delaware corps (sic) What? Delaware corporations are completely standard. The state bureaucracy is fairly efficient, the laws are reasonable, lawyers well versed in Delaware corporate law are readily available in all 50 states, etc. It's not about tax avoidance.
- jeffwass 11y agoIt's entirely about tax avoidance, thats the whole point of using a Delaware Corp and why they're so popular. The fact they're standard is irrelevant to the parent's claim. They're only standard because nobody wants to voluntarily pay extra state taxes. And for some reason it's both legal and generally socially acceptable to have a corporation that has its office and effectively does its business in another state be legally based in Delaware to avoid state tax. Edit - adding link to 2012 NYT article : http://mobile.nytimes.com/2012/07/01/business/how-delaware-thrives-as-a-corporate-tax-haven.html?referer= http://mobile.nytimes.com/2012/07/01/business/how-delaware-t...
- frankacter 11y agohttps://twitter.com/mathewi/status/716771686482202625 https://twitter.com/mathewi/status/716771686482202625 > The Editor in Chief of Süddeutsche Zeitung responded to the lack of United States individuals in the documents, saying to "Just wait for what is coming next".