The United States loses, according to my estimates, close to $70 billion a year in tax revenue due to the shifting of corporate profits to tax havens. That’s close to 20 percent of the corporate tax revenue that is collected each year. This is legal.
Meanwhile, an estimated $8.7 trillion, 11.5 percent of the entire world’s G.D.P., is held offshore by ultrawealthy households in a handful of tax shelters, and most of it isn’t being reported to the relevant tax authorities. This is… not so legal.
.. In 2015, $15.5 billion in profits made their way to Google Ireland Holdings in Bermuda even though Google employs only a handful of people there... 63 percent of all the profits made outside of the United States by American multinationals are now reported in six low- or zero-tax countries:
- the Netherlands,
- Bermuda,
- Luxembourg,
- Ireland,
- Singapore and
- Switzerland.
.. After learning Irish authorities were going to close loopholes it had used, Apple asked a Bermuda-based law firm, Appleby, to design a similar tax shelter on the English Channel island of JerseyAppleby duly obliged, and Jersey became the new home of the (previously Irish) companies Apple Sales International and Apple Operations International... In 2015, the Swiss Leaks revealed the owners of bank accounts at HSBC Switzerland, and in 2016 the Panama Papers revealed those of the shell companies created by the Panamanian law firm Mossack Fonseca. These showed that 50 percent of the wealth held in tax havens belongs to households with more than $50 million in net wealth.. In the Paradise Papers, we see that these are not only Russian oligarchs or Belgian dentists who use tax havens, but rich Americans too... For a long time, the bulk of it was held in Switzerland, but a fast-growing fraction is now in Hong Kong, Singapore and other emerging havens.The most compelling way to do this would be to create comprehensive registries recording the true individual owners of real estate and financial securities, including equities, bonds and mutual fund shares... One common objection to financial registries is that they would impinge on privacy. Yet countries have maintained property records for land and real estate for decades... comprehensive registries would make it possible to not only reduce tax evasion, but also curb money laundering, monitor international capital flows, fight the financing of terrorism and better measure inequality.
Did Russia teach Paul Manafort all its dirty tricks?
Manafort is alleged to have laundered money, to have cheated on taxes and to have lied about his clientele. All of this he did in order to “enjoy a lavish lifestyle in the United States,” according to the indictment. Among other things it is alleged that he spent $1,319,281 of his money, illegally hidden from the U.S. Treasury, to pay a home lighting and entertainment company in Florida; to purchase $934,350 worth of rugs at a shop in Virginia; and to drop $655,500 on a landscaper in the Hamptons.
.. Some will find it ironic that Manafort did all of this while coaching candidate Donald Trump to run an “anti-elite” election campaign, one directed at “draining the swamp” and cleaning up Washington.
But in fact, this is exactly the kind of tactic that Manafort perfected on behalf of Russia, in Ukraine, where he worked for more than a decade.
.. in 2006, when he brought dozens of American political consultants to Ukraine to assist in an ethnically charged election that pit Russian and Ukrainian speakers against one another, in an attempt to help Russia retain influence over the country.
.. In 2010, he was one of several advisers — the others were mostly Russians — who helped remake the image of Viktor Yanukovych, the ex-con whom the Russian government then supported for president of Ukraine. Yanukovych charged the sitting government with corruption, declared that the election would be “rigged” and finally won.
.. The exploitation of ethnic tension; the dislike of NATO; the constant talk of opponents’ corruption, whether warranted or not; the shouting about falsified elections — these were Trump tactics, too
.. And he sought to undermine Ukraine’s constitution, first subtly and then openly.
.. For a long time now, a part of the U.S. political and business class has been merging, ideologically and aesthetically, with its post-Soviet counterparts. The use of shell companies and Cypriot bank accounts; the over-the-top spending on clothes and houses; the profoundly cynical manipulation of ethnic or racial divides to win elections — these behaviors are now common to a particular set of sleazy operators on two continents. If this indictment is correct, Manafort is the living embodiment of this Russian-American convergence.
Erik Prince: Trump’s ‘Instincts Are Good’ on Iran, but ‘He Gets Dragged Back by Some of His Advisers’
Erik Prince joined SiriusXM host Alex Marlow on Friday’s Breitbart News Daily to talk about the Iran nuclear deal, chances that Iran’s Revolutionary Guard Corps will be designated a terrorist organization
.. Prince said failing to apply such a designation to the IRGC would be “ludicrous.”
“These guys have been killing Americans, specifically, since soon after they were formed in the early 1980s,” he pointed out.
- “The Marine barracks in Beirut, 243 Americans in 1983; kidnapped, tortured, videotaped it,
- the CIA station chief in Beirut in the 1980s;
- blew up the U.S. embassy there,
- Khobar Towers, and then even
- the last ten years that the U.S. was in Iraq.”
.. All of the explosive formed penetrators, it’s a very very nasty roadside bomb,” he elaborated on Iraq. “It’s not an improvised explosive. It’s very much a manufactured explosive, designed to cut through even the very expensive armor on an Abrams tank. Literally, the IRGC is responsible for killing and maiming hundreds, if not thousands, of American soldiers in Iraq.”
.. “And we still don’t designate these guys a terrorist organization. Why? Because they’re worried that this terrorist organization might actually reciprocate and carry out a terrorist attack against America. It’s ludicrous,” he said.
.. “As part of this nuclear deal, they were supposed to make all nuclear facilities open to inspection. They’re cheating on that. They are continuing to develop their ballistic missile technology.”
“You also have to realize that Iran and North Korea, when it comes to nuclear weapons development, are totally in sync and in parallel,” he added. “When the North Koreans crank off a nuke underground, the Iranians are there observing it, and they’ve provided considerable funding for it.”
.. as recently as October 1, 12 days ago, an American soldier was killed in Iraq by an explosive formed penetrator. They have been sticking it to us since 1979 and will continue to do so. What’s announced today will not really reject the Iranian nuclear deal. It will dump it back on Congress, which really won’t do anything on it,” he predicted.
.. “What Congress should have done – what Senator Corker should have forced – is that when the Obama administration pushed the Iran nuclear deal, they should have forced a vote in the Senate,” he said. “If we’re going to treat it like a treaty, vote it up or down like a treaty.
.. If the president went with his initial instincts on this stuff, he’d be hitting it out of the park,” said Prince, who had proposed a plan to President Trump for using private security forces instead of more military personnel in Afghanistan. “Some of these very Establishment foreign policy advisers are giving advice indiscernible from what they’d be giving Hillary Clinton. It’s taken him off track.”
.. Prince described Iran as “a society that puts a thousand stitches into a square inch in a Persian rug.”
“They understand methodical. They are very patient, and very deliberate, and they continue to move the ball in their direction, as this so-called nuclear deal did.
.. “As part of the Obama nuclear deal with Iran, there are supposed to be complete inspections, but secret nuclear sites scattered about the country – it’s a very large country, a lot of remote, rugged terrain – certainly those aren’t being inspected,” he said.
.. “If we make deals with people who are actively trying to kill us, who continue to call the United States the Great Satan, that hasn’t changed. They continue to kill Americans, as recently as October 1. They are not our friends, far from it. If we’re not careful, they will continue to eat our lunch, one bite at a time,” he warned.
.. but will not “sanction the entire IRGC as a terrorist organization.”
“Those are the guys that are driving this nuclear program,” he said. “If you sanction the entire IRGC, you can then go after all of their front companies and money-making apparatus, which trades through the world, through West Africa, money laundering for the drug cartels to front businesses in Europe and elsewhere in the Middle East. You can start to crimp off their financing.”
.. “If you don’t do that, if you don’t call a terrorist a terrorist, you can’t really take action against them,”
.. Prince humorously identified it as the “bureaucratic SITS method: Show Interest, Then Stall.”
.. “They are desperately trying to secure the Shia Crescent that goes from Iran all the way to Lebanon, where they can continue to arm Hezbollah, their surrogate there, with larger and larger rockets to dominate Israel, and Jordan for that matter. They’re continuing to advance in their dominance in Yemen and elsewhere.”
.. “We don’t have a beef with the Iranian people, believe me,” Prince added. “The Iranian people want to be Western. They want to have freedom, and drink beer, and listen to rock and roll. They are effectively led by a government that looks more and more like the SS in Nazi Germany – an Iranian Shia fascist government that is far from elected, that imposes itself on every aspect of the Iranian citizen’s life, to the detriment of what should be a very proud and very prosperous country.”
.. Turning to Afghanistan, Prince said President Trump’s decision to send another 4,000 U.S. troops is “unlikely to move the needle.”
.. “When Secretary Mattis traveled to Afghanistan just a couple of weeks ago for an update, he landed in Kabul, and he has to get on a helicopter to fly one mile across the town to where the U.S. base is. He can’t get in a vehicle to drive, just like any person from the U.S. Embassy operating there has to take a helicopter from the Kabul airport into downtown, because it’s not safe to drive,” he observed.
.. “And within two hours of Secretary Mattis landing, 40 rockets hit Kabul airport, in a five-hour firefight to try to secure the airport again,” he added. “This is not what winning looks like.”
.. “I was there on the ball when the president said in his inaugural speech, ‘We’re going to drive Islamic terrorism off the face of the Earth.’ I don’t think he intended that means the terrorists are driving captured U.S. vehicles across the Afghan terrain,” said Prince.
Guest List at Donald Trump Jr.’s Meeting With Russian Expands Again
Seventeen years ago, congressional investigators looking into money laundering stumbled upon an obscure Soviet-born financier who offered special services to his Russian clients. He had opened 2,000 companies in Delaware and more than 100 bank accounts for Russian clients who moved hundreds of millions of dollars through those accounts to overseas destinations, they found.
On Tuesday, that man, Irakly Kaveladze, resurfaced as the latest foreign guest on the ever-expanding list of participants at the June 2016 meeting where Donald Trump Jr. and other Trump campaign officials were hoping to get damaging information about Hillary Clinton.
.. Rinat Akhmetshin, a Russian-born lobbyist who has spoken openly of his past as a Soviet intelligence officer and was accused of hacking one company’s computer system in American lawsuits that were later withdrawn.
.. And at Citibank alone, he opened 136 American accounts for Russian clients who moved more than $560 million through those accounts to overseas destinations, investigators said.
.. said Mr. Kaveladze was “the poster child” of the money-laundering schemes.