Offshore Tax Havens – Hey Obama Delaware Must be First to Go
All of the leaders from the US, UK, France, Germany, Italy, Japan, Russia and Canada are in Northern Ireland for the G8’s 39thsummit. The two day summit is being held at the Lough Erne resort.
British Prime Minister David Cameron has placed international tax evasion high on his discussion agenda. The PM is hoping to obtain a full G8 agreement to force offshore financial centers to disclose who really owns the companies and Trusts registered in their jurisdictions. This proposal is meeting fierce opposition from the Russian and Canadian governments, as well as from many members of the U.S. Congress. Russia is opposed because of its extensive interests in Cyprus and many US Congressman and Senators are against Cameron’s plan because it would have a devastating negative impact on the State of Delaware’s corporate secrecy and no tax laws; the main attraction for foreign businessmen and investors.
But Mr. Cameron should be applauded because he has a strong moral belief in what he proposes even though London’s financial center would suffer greatly; Trillions of dollars in offshore money is invested in the London Stock Exchange, Banks and other London based financial services. The destruction of the offshore financial centers sets in motion the mutually assured destruction of London’s financial sector and the loss of hundreds of thousands of jobs; most of them middle class jobs created or supported by the financial sector. However, unemployment is a small price for the workingman to pay when compared to the moral principles the PM is proposing the G8 impose.
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Prime Minister Cameron is committed to making “fighting the scourge of tax evasion and aggressive tax avoidance a priority”, and has said he also wants to ensure anti-money laundering and counter-terrorist financing measures are effective, and help poorer countries collect tax revenues. Obviously, his priority target is the U.S. State of Delaware and the U.S. “Too Big to Jail Banks” that launder the majority of the World’s Drug and Terrorist money.
President Obama is surely on-board with the PM’s proposal; given all of the preaching from the pulpit he has done on evil tax havens. Although, many members of the Congress, TBTJ Bankers and their lobbyist will strongly object to the destruction of the world’s largest tax haven: along with the State of Delaware itself. But, President Obama without a doubt will take it to the people and ask that they contact their elected representatives and demand that Delaware be forced to cease being an offshore tax haven and the TBTJ Banks be confiscated by the government for their criminal activities.
The State of Delaware can offer no defense for aiding foreigners to evade paying taxes to their country of residence and assisting international criminals in the laundering of their ill-gotten gains; although some in Delaware attempt to brush aside the seriousness of the State’s criminal activities.
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In an interview with the Financial Times, Sheldon Pollack, a professor of law and political science at the University of Delaware says his state is not really like Switzerland or Cayman Islands but is “a little bit more favourable towards secrecy, but that’s too strong a word, I should say privacy, for corporate owners”. However, he says it would be an “overstatement” to say Delaware promotes anonymous companies. “There’s nothing about Delaware law that allows money laundering or shell corporations for tax evasion,” he adds.
That is a defense?
Guess what genius, there’s nothing in any offshore financial center’s law that allows money laundering or states shell corporations are for tax evasion.
This man is a professor of law?
President Obama, given that Delaware is the United States of America’s “First State” we in the offshore services sector are positive that you will make it the “First Offshore Tax Haven” you destroy. Regardless of the trillions of dollars that will undoubtedly be divested from the U.S. markets and the economic consequences your actions will cause.
We Have Faith in You, Mr. President.