2015-02-16

Tax Havens Made Pariahs For No Good Reason

Guess these progressive paradises with:

Personal income tax: NONE
Corporate income tax: NONE
Capital gains tax: NONE

Taxation of dividends: NONE
Taxation of interest: NONE
Withholding taxes: NONE
Payroll tax: NONE
Social Security tax: NONE
Wealth tax: NONE
Inheritance/estate tax: NONE
Property taxes: NONE 


"...Compared to the levels of taxation in the US, Canada, and Europe, to say the above is a breath of fresh air would be a major understatement.

Now, there are only three jurisdictions in the Western hemisphere that do not levy property taxes, so that should narrow the field. The mere existence of property taxes is a ridiculous notion that should offend anyone with a respect of property rights. I have already covered this topic here in case you’re interested.

Those three jurisdictions are the Cayman Islands, Dominica, and Turks and Caicos Islands."





"...The aversion to even the concept of direct taxation in Cayman is extremely important. Because once the principle is conceded—and you give politicians an inch—it’s only a matter of time before they’ll take a mile.

You’ll recall that when the federal income tax was introduced in the US in 1913, those making up to $20,000 (equivalent to around $475,000 today) were only taxed at 1%—that’s ONE PERCENT.
The top bracket kicked in at $500,000 (equivalent to around $12 million today), and the tax rate for it was only 7%.

Of course, once the principle was conceded in 1913, the politicians naturally couldn’t resist ramping it up until we have the monstrosity that exists today in the US tax code, which most Americans passively accept as “normal.”

In my view, it’s Cayman’s unique culture and history that’s opposed to the very principle of direct taxation, which is the best guarantor it will continue to be a beacon of light well into the future."

"...Spendthrift politicians the world over have long despised Cayman—something that should be taken as a badge of honor, as far as I’m concerned.

This is because productive people and companies gravitate to places where they’re treated best. And it’s hard to find a place where you’ll be treated better with respect to taxation than in Cayman. This healthy dynamic is called tax competition.

No shit.

I find it's best to read the above paragraph in Mr. Burns' voice for full effect. It's hilarious listening to bankers and politicians talk of Cayman Islands as if it's some sort of criminal enterprise. They want to close 'off shore loopholes' because they want the money. So they start a campaign of talking shit about these islands using their lackeys in the media. Yeah, I'm channeling my inner Dale Gribble but after watching The Wire, wouldn't surprise one bit.

"Another way Cayman has been pressured is through demonization in the media and popular culture as some sort of shady money-laundering center. Never mind the fact that unlike murder, robbery, and rape, money laundering is a victimless make-believe crime invented by politicians. "

B-b-but, where's the price for civilization?

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