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Author Topic: Oh look Romney avoide tax of 100 mill by using the netherlands  (Read 733 times)
Stark
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« on: November 05, 2012, 11:05:50 AM »

http://translate.google.com/translate?hl=en&sl=nl&u=http://www.volkskrant.nl/vk/nl/2680/Economie/article/detail/3342442/2012/11/05/Romney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml&prev=/search%3Fq%3Dhttp://www.volkskrant.nl/vk/nl/2680/Economie/article/detail/3342442/2012/11/05/Romney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml%26hl%3Den%26client%3Diceweasel-a%26rls%3Dorg.mozilla:en-US:unofficial%26prmd%3Dimvns&sa=X&ei=QpuXUMnkIZSm8ATfu4H4Aw&ved=0CCIQ7gEwAA

Another article

http://www.rnw.nl/english/article/dutch-route-romney-dodging-taxes-through-netherlands

We’ve had the Cayman Islands, Bermuda and Luxemburg. Now there’s a new name to add to the growing list of countries that US presidential hopeful Mitt Romney allegedly uses to dodge taxes: The Netherlands.

According to an investigation by the website Follow the Money and the Dutch daily newspaper de Volkskrant, Romney has made millions of tax-free dollars through the private-equity company he established in 1994—during his pre-political days--Bain Capital.

Although Romney stepped down from Bain in 1999, he and his wife were reportedly still allowed to invest in the company until at least 2009, and were still reaping the benefits in 2010 and 2011.

And as part of his so-called “golden handshake,” the investigation says Romney got a severance deal that paid him in capital gains rather than salary, meaning the taxes he had to pay were significantly lower.

How it works

The story goes like this: In 2004, Bain acquired the Irish pharmaceutical company Warner Chilcott, which was originally registered in Bermuda but moved to Ireland in 2009 to avoid President Obama’s crackdown on Bermuda’s lax tax rules.

Then two years ago, Bain registered its interest in Warner Chilcott with the private Dutch company Alter Domus, which provides administrative services for multinational corporations and investment funds. If a Dutch company owns more than five percent of the shares in another company, than that other company is exempt from paying taxes on all capital gains.

Through exemptions like that and a host of other complicated tax treaties, the Netherlands offers huge tax breaks to companies like Bain, which is reported to have evaded 80 million euros in dividend taxes by running through the Netherlands.

Dutch tax haven

“The Netherlands is the world champion of participation exemption,” Jos Peters of tax consultancy firm Merlyn told Follow the Money.

By examining Bain’s filings with US regulators, Dutch Chamber of Commerce documents and those made public by Gawker, and even Romney’s own tax returns, Monday’s report says Romney has been able to financially benefit from the “Dutch route” as well.

The investigation says that there is a discrepancy between Romney’s tax filings and the tax-exempt Warner Chilcott shares he donated to his son’s charity in 2011, worth about $450,000.

The Tyler Foundation donates most of its money to the Mormon Church, of which Romney is a member.

Both Bain and Romney have refused repeated requests to comment on the issue.
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« Reply #1 on: November 05, 2012, 11:07:14 AM »

7h to vote?

http://www.theatlantic.com/politics/archive/2012/11/no-one-in-america-should-have-to-wait-7-hours-to-vote/264506/
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« Reply #2 on: November 05, 2012, 11:25:36 AM »

Taxation is theft - Josiah Warren
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« Reply #3 on: November 05, 2012, 11:33:17 AM »

http://translate.google.com/translate?hl=en&sl=nl&u=http://www.volkskrant.nl/vk/nl/2680/Economie/article/detail/3342442/2012/11/05/Romney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml&prev=/search%3Fq%3Dhttp://www.volkskrant.nl/vk/nl/2680/Economie/article/detail/3342442/2012/11/05/Romney-ontwijkt-belasting-door-sluipweg-via-Nederland.dhtml%26hl%3Den%26client%3Diceweasel-a%26rls%3Dorg.mozilla:en-US:unofficial%26prmd%3Dimvns&sa=X&ei=QpuXUMnkIZSm8ATfu4H4Aw&ved=0CCIQ7gEwAA

Another article

http://www.rnw.nl/english/article/dutch-route-romney-dodging-taxes-through-netherlands

We’ve had the Cayman Islands, Bermuda and Luxemburg. Now there’s a new name to add to the growing list of countries that US presidential hopeful Mitt Romney allegedly uses to dodge taxes: The Netherlands.

According to an investigation by the website Follow the Money and the Dutch daily newspaper de Volkskrant, Romney has made millions of tax-free dollars through the private-equity company he established in 1994—during his pre-political days--Bain Capital.

Although Romney stepped down from Bain in 1999, he and his wife were reportedly still allowed to invest in the company until at least 2009, and were still reaping the benefits in 2010 and 2011.

And as part of his so-called “golden handshake,” the investigation says Romney got a severance deal that paid him in capital gains rather than salary, meaning the taxes he had to pay were significantly lower.

How it works

The story goes like this: In 2004, Bain acquired the Irish pharmaceutical company Warner Chilcott, which was originally registered in Bermuda but moved to Ireland in 2009 to avoid President Obama’s crackdown on Bermuda’s lax tax rules.

Then two years ago, Bain registered its interest in Warner Chilcott with the private Dutch company Alter Domus, which provides administrative services for multinational corporations and investment funds. If a Dutch company owns more than five percent of the shares in another company, than that other company is exempt from paying taxes on all capital gains.

Through exemptions like that and a host of other complicated tax treaties, the Netherlands offers huge tax breaks to companies like Bain, which is reported to have evaded 80 million euros in dividend taxes by running through the Netherlands.

Dutch tax haven

“The Netherlands is the world champion of participation exemption,” Jos Peters of tax consultancy firm Merlyn told Follow the Money.

By examining Bain’s filings with US regulators, Dutch Chamber of Commerce documents and those made public by Gawker, and even Romney’s own tax returns, Monday’s report says Romney has been able to financially benefit from the “Dutch route” as well.

The investigation says that there is a discrepancy between Romney’s tax filings and the tax-exempt Warner Chilcott shares he donated to his son’s charity in 2011, worth about $450,000.

The Tyler Foundation donates most of its money to the Mormon Church, of which Romney is a member.

Both Bain and Romney have refused repeated requests to comment on the issue.

And? I'll take a guy smart enough to want to keep his money over the fucking dipshit we have now.
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« Reply #4 on: November 05, 2012, 11:34:08 AM »

This all made me think how many of Obama's celebrity friends abuse the the system and hide money.
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« Reply #5 on: November 05, 2012, 11:56:59 AM »

Taxation is theft - Josiah Warren

I assume this Josiah warren likes driving on roads, drinking clean water and not being shot leaving his house?
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« Reply #6 on: November 05, 2012, 11:58:55 AM »

Rich people avoid paying taxes!? When did all this start?
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« Reply #7 on: November 05, 2012, 12:00:00 PM »

Rich people avoid paying taxes!? When did all this start?

1776
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« Reply #8 on: November 05, 2012, 02:49:17 PM »

its fucking rich person welfare, when joe schmoe pays 30% and a millionaire pays 14% you know something is fucked up.
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« Reply #9 on: November 05, 2012, 06:17:19 PM »

what a cock sucker, wanting to keep more of his hard earned money...who does this piece of shit think he is?
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« Reply #10 on: November 05, 2012, 06:41:49 PM »

I assume this Josiah warren likes driving on roads, drinking clean water and not being shot leaving his house?

LOL
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« Reply #11 on: November 05, 2012, 06:47:58 PM »

its fucking rich person welfare, when joe schmoe pays 30% and a millionaire pays 14% you know something is fucked up.

You've been watching too many commercials.
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« Reply #12 on: November 05, 2012, 07:01:35 PM »

its fucking rich person welfare, when joe schmoe pays 30% and a millionaire pays 14% you know something is fucked up.
the rich also give much more to charity, are you ok with them giving less b/c the govt is taking more?
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« Reply #13 on: November 06, 2012, 03:20:25 AM »

the rich also give much more to charity, are you ok with them giving less b/c the govt is taking more?

Bwahahahaa you really are a funny one Tony Grin
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dario73
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« Reply #14 on: November 06, 2012, 05:40:28 AM »

So.

If the law allows it, what's wrong with it?

Why should anyone pay more taxes than they should? The government already takes more than enough from taxpayers.
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« Reply #15 on: November 06, 2012, 08:00:26 AM »

You've been watching too many commercials.

Princess I really don't think that there is one bit of evidence showing tax cuts for the rich boost economic growth in any manner, companies put it right back into their bottom line. Also, there is both research and historical evidence that the inverse is true.

Also, this charity argument makes no sense, while the total amount of charity is higher for most rich people, the actual percentage of income appears to be the same. For example a person giving a thousand dollars a year to charity who makes 100 thousand is similar to the person making 100million giving away 1 million. Also, the person making 100k pays far more in taxes when in fact the impact of the percentages is higher for them due to there being a threshold for the cost of living above which extra income makes no difference. Also, add to the fact that at least in Romney's case he has used his "charity" to basically lower his taxes and come out on top using a loophole since closed. He is also using offshore accounts to avoid paying taxes on money earned using the streets,police, water etc that tax payers pay for. If everyone did what romney did the US would be tits up, no roads, nothing, why don't we all hide our income in tax havens and give parsimoniously to "charities", ie tax exempt chruches which flip the money back to the "donater".

Also, the argument that if the law allows it what is wrong with it is a silly argument easily dismantled. Slavery was once legal would you argue that nothing was wrong with it because it's legal? if you allow you morals to be set by some arbitrary court with bias and agenda then there is no wonder why the US has been heading in the wrong direction.

I not suggesting the rich pay more then anyone else, if 100k person pays 30% so should a billionaire.

all these arguments are paper thin and utterly destroyed via logic, history and experience.
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« Reply #16 on: November 06, 2012, 08:35:24 AM »

So.

If the law allows it, what's wrong with it?

Why should anyone pay more taxes than they should? The government already takes more than enough from taxpayers.

which law? what about sharia law, biblical law, racial segregation laws? The law allows you to be an amoral girl who does nothing to help others, does that mean you should do it? The fact that these laws change is more then enough to dispose of this absolute argument. Simply citing it's legal therefore there is nothing wrong with it falls on it's face.
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