I’m still looking for the double something loophole that allows me to not pay taxes. I guess my highly paid lobbyists and tax lawyers aren’t as good as Google’s, Facebook’s, Microsoft’s, and LinkedIn’s. What we have in this country are 50% of the people paying nothing in income taxes and the richest people and biggest corporations creating loopholes through their capture of the politicians to pay little or no income taxes. The tax burden falls squarely on the working middle class and small businesses. This is a major reason why our economy is stagnant at best.
For all you stock market bulls out there depending upon increasing corporate profits to propel the stock market to new heights, I’ve got some bad news.
- All the mega-tech companies using this double Irish loophole will be paying higher taxes and having less profit.
- The surge in the USD against world currencies will make it harder for US mega-corps to compete in foreign markets. The translation of their foreign profits back into U.S. dollars will take a negative hit.
- The elimination of QE is already hurting the profits of mega-banks and mega-corps around the world.
- The Too Big To Trust Wall Street banks have no loan loss reserves left to reverse with accounting entries in order to create fake profits.
- The housing market is in decline again. Home builder stocks hit 12 month lows this week.
- Auto dealer stocks also hit 12 month lows this week, even though the MSM says we are experiencing an auto boom. The subprime bad debt is coming due.
- The ebola fear is going to dramatically reduce airline profits and dramatically increase healthcare costs for the healthcare industrial complex.
But besides those small issues, everything is peachy. Buy the fucking dip. Grandma Yellen has your back. Right?
Time to do some Irish Yoga.
Ireland to close ‘Double Irish’ tax loophole
Change comes amid tax crackdown
The Irish government moved on Tuesday to close one of the world’s best-known corporate-tax loopholes, in a step that could boost overseas income tax for a wide range of U.S. companies, particularly in the technology sector.
Ireland will change its tax code to require that all Irish-registered companies be tax residents in Ireland within the next six years, slowly ending a tax-optimization structure known as the “Double Irish,” Irish Finance Minister Michael Noonan said in a parliamentary address to introduce the 2015 budget.
Ireland’s decision to close the loophole follows heavy pressure from other governments and the European Union amid a broader effort to update tax rules written before the Internet era. Countries want to make it more difficult for companies such as Google Inc. GOOGL, +0.72% and Facebook Inc. FB, +0.82% to funnel billions in non-U.S. profits to offshore tax havens such as Bermuda and the Cayman Islands.
The Double Irish uses a twist in Irish law to funnel royalty payments for intellectual property from one Irish-registered subsidiary to another that resides for tax purposes in a country with no corporate income taxes. While the total number of companies that use the structure isn’t publicly disclosed, hundreds of companies funnel tens of billions of dollars a year in profit to tax havens via Ireland, including many practitioners in the tech and pharmaceutical sectors, tax experts say.
The structure or variants are used by companies including Facebook, LinkedIn Corp. LNKD, +1.50% Microsoft Corp. MSFT, +0.18% and VMware Inc. VMW, -1.16% , according to corporate filings. Google alone used the structure to send €8.8 billion ($11.2 billion) in royalties in 2012 to a Bermuda-based company registered in Ireland.
Facebook, LinkedIn, Microsoft and VMware all declined to comment on the Double Irish in recent days.
Ireland’s move comes amid increasing tension between European governments and a cadre of largely U.S. tech superpowers over a range of issues from taxes to privacy. The EU is probing Amazon.com Inc.’s AMZN, +0.61% tax arrangements with Luxembourg, and alleged that tax deals between Apple Inc. AAPL, -1.06% and Ireland amount to illegal state aid. Google has seen an antitrust settlement it struck in Brussels crumble. It also faces privacy probes in multiple EU countries and is fighting a French tax bill that could top €1 billion ($1.28 billion).
Bank of America has generated $13.6 billion of fake accounting profits in the last three years and has still managed to lose money. This bank is an insolvent joke.
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You’re gonna need a SHITLOAD of alcohol. YOUR money will bail out the next bank failure.
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Concerns are growing that we are heading for another banking crisis, one that could be far worse than in 2008. But this time, there will be no government bailouts. Instead, per the Dodd-Frank Act, bankrupt banks will be confiscating (or “bailing in”) their customers’ deposits.
That includes local government deposits. The fact that public funds are secured with collateral may not protect them, as explained earlier here. Derivative claims NOW GET PAID FIRST in a bank bankruptcy; and derivative losses could be huge, wiping out the collateral for other claims.
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http://www.opednews.com/articles/Building-an-Ark-How-to-Pr-by-Ellen-Brown-Bailout_Meltdown_Public-Banking-141013-150.html
Admin – you can always join me at Olive Garden. I don’t pay any taxes.
I call it a Double Polish Waitress Loophole with an Avoid My Student Loans Twist. It is a winner.
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