1 Cayman Islands building house the headquarters of over 18,000 U.S. Corporations - who pay no taxes!
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1 Cayman Islands building house the headquarters of over 18,000 U.S. Corporations - who pay no taxes!

George Town : Cayman Islands | Jun 29, 2011 at 3:07 PM PDT
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It is a relatively nondescript building, nothing particularly noteworthy or special about it, but it costs us as much as $100 billion every year.

For the 18,000 U.S. Corporations that use it as their "corporate headquarters" it is worth its weight in platinum. Literally!

Every year $100 billion is lost to the "tax cheaters" hiding down there in the Cayman Islands. OK, so it's all perfectly legal, according to the "suits" (lawyers), who use various tax gimmicks and accounting tricks to effectively hide the wealth of their respective clients who don't pay taxes. It's a great deal for them, a lousy deal for you - the American tax payer.

Because of the IRS loopholes and Cayman Islands tax shelter, American tax payers each pay an extra $1.00 to make up the difference. Doesn't really sound like a lot of money, but collectively it's huge!

Instead of doing what is right and changing the tax code which allows this situation to continue, the PResident of the United States Barack Obama and all the members of Congress refuse to even discuss it most of the time.

The reason is because they are secretly in bed with these corporations, the special interests and big business, in a sort of adulterous relationship that would shock your sense and sensibilities.

The list of U.S. Corporations that call one 4 story building in the Cayman Islands their "corporate headquarter" reads like a who's who list of the largest business interests in the U.S.

When are we going to stop these kinds of shenanigans before or after we go bankrupt as a nation? Meanwhile business people, mostly billionaires and multimillionaires laugh themselves all the way to the bank - which is also in the Cayman Islands, the Bahamas and Switzerland.

Oh ya, it's the good life for them! Never mind the people who are standing in the welfare lines and collecting aluminum cans, and plastic bottles out of dumpsters and garbage cans in the street.

In Congress they endlessly debate the issue, while refusing to do the one thing necessary to end it immediately. Change the IRS tax code, or as some say abolish it completely and move to a "fair tax" sometimes called "consumption tax". But that would be fair, Congress and the President are not interested in being far. Their secretly in on the scam. I think it is why they smile all the time.

In my opinion they are just as guilty as the crooks on Wall Street who skate on paying any tax.

I am reminded of a famous quote by Warren Buffet who joked that "he pays less tax than his secretary" (See article: "Buffet blasts system that lets him pay less tax than secretary" http://www.timesonline.co/uk/tol/money/tax/article1996735.ece).

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China has 115 billionaires according to Forbes magazine's 2011 list - second only to the United States
China has 115 billionaires according to Forbes magazine's 2011 list - second only to the United States
RobertTilford01 is based in La Crosse, Kansas, United States of America, and is an Anchor for Allvoices.
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