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Orient Paper, Inc. Message Board

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  • peristentone peristentone Jul 22, 2010 2:05 AM Flag

    Translate this report from china!

    Talking about Goldman paying 1%, do people realize that for most of the 1990s the most successful companies like Microsoft and Intel paid no taxes at all? The reason is that they were able to claim "losses" on the stock they gave to employees, because the stock was always going up in value rapidly.

    The system as structured today allows the richest 1/4 of 1% to spend millions on lawyers and accountants to escape a large part of their obligation. Rather than simplifying the system to remove loopholes, and reducing the burden for the middle class, the current direction is to get even more tax and burden for the middle class (politicians just lie and call them the "rich"). The 1/4 or 1% continue to find the loopholes, and they always will until you make the system simple and don't create different tax rates for different types of activity.

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    • Bailed Out Companies’ # of subsidiaries in Tax Havens
      Bank of America # of subsidiaries in tax havens: 101
      City group # of subsidiaries in tax havens: 411
      Goldman Sachs Group # of subsidiaries in tax havens: 28
      Merrill Lynch (now part of Bank of America # of subsidiaries in tax havens: 19
      Morgan Stanley # of subsidiaries in tax havens: 267
      Waco Corp. (acquired by Wells Fargo) # of subsidiaries in tax havens: 57
      Washington Mutual (acquired by JP Morgan Chase) # of subsidiaries in tax havens: 3
      Wells Fargo # of subsidiaries in tax havens: 18
      American Express (now a bank holding company) # of subsidiaries in tax havens: 39
      American International Group # of subsidiaries in tax havens: 15
      Hartford Financial Services # of subsidiaries in tax havens: 7 Prudential Financial # of subsidiaries in tax havens: 26
      General Motors # of subsidiaries in tax havens: 10

 
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