{"id":314,"date":"2011-06-29T22:10:43","date_gmt":"2011-06-29T21:10:43","guid":{"rendered":"http:\/\/www.morbidcornflakes.ch\/thduggies_blog\/?p=314"},"modified":"2011-06-29T22:10:43","modified_gmt":"2011-06-29T21:10:43","slug":"wyoming-vs-somalia","status":"publish","type":"post","link":"https:\/\/www.thduggie.com\/thduggies_blog\/2011\/wyoming-vs-somalia","title":{"rendered":"Wyoming vs. Somalia"},"content":{"rendered":"<p>I came across an <a target=\"_blank\" title=\"Wyoming, Nevada, Delaware: corporate tax havens\" href=\"http:\/\/finance.yahoo.com\/career-work\/article\/113032\/little-house-secrets-great-plains-reuters\">interesting article on money laundering and tax evasion<\/a> today.\u00c2\u00a0 Let me just quote a few passages:<\/p>\n<blockquote><p>The   pervasiveness of corporate secrecy on America&#8217;s shores stands  in stark   contrast to Washington&#8217;s message to the rest of the world.  Since the   September 11 attacks in 2001, the U.S. has been calling  forcefully for   greater transparency in global transactions, to lift  the veil on shadowy   money flows. During a debate in 2008, presidential  candidate Barack   Obama singled out Ugland House in the Cayman  Islands, reportedly home to   some 12,000 offshore corporations, as  &#8220;either the biggest building or   the biggest tax scam on record.&#8221;<\/p>\n<p>Yet   on U.S. soil, similar activity is perfectly legal.<\/p><\/blockquote>\n<p>Compare that to a country not exactly known for legal gainful employment:<\/p>\n<blockquote><p>&#8220;In   the U.S., (business incorporation) is completely unregulated,&#8221;  says   Jason Sharman, a professor at Griffith University in Nathan,  Australia,   who is preparing a study for the World Bank on corporate  formation   worldwide. &#8220;Somalia has slightly higher standards than  Wyoming and   Nevada.&#8221;<\/p><\/blockquote>\n<p>Some numbers might be interesting for comparison:<\/p>\n<blockquote><p>The Treasury Department has   singled out LLCs as particularly  vulnerable to being used as shell   companies, as they can be owned by  anyone and managed anonymously.   Delaware, Nevada and Wyoming had  688,000 LLCs on file in 2009, up from   624,000 in 2007.<\/p><\/blockquote>\n<p>That&#8217;s roughly one LLC for every four people of working age in those states!<br \/>\nSo, we slam the offshore banking industry, offer the same services in our own country, tax people all over the world, and are still running a deficit?\u00c2\u00a0 How does that work?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I came across an interesting article on money laundering and tax evasion today.\u00c2\u00a0 Let me just quote a few passages: The pervasiveness of corporate secrecy on America&#8217;s shores stands in stark contrast to Washington&#8217;s message to the rest of the world. Since the September 11 attacks in 2001, the U.S. has been calling forcefully for greater transparency in global transactions, to lift the veil on shadowy money flows. During a debate in 2008, presidential candidate Barack Obama singled out Ugland House in the Cayman Islands, reportedly home to some 12,000 offshore corporations, as &#8220;either the biggest building or the biggest tax scam on record.&#8221; Yet on U.S. soil, similar activity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/posts\/314"}],"collection":[{"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/comments?post=314"}],"version-history":[{"count":0,"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/posts\/314\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/media?parent=314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/categories?post=314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thduggie.com\/thduggies_blog\/wp-json\/wp\/v2\/tags?post=314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}