Can you believe 12,400 businesses in one building ??

[kentuck]

Sen. Conrad quoted this on C-SPAN, while discussing the revenues that were leaving this nation. He said there was one building in Cayman Islands that had 12,400 businesses in it - all with the intent to escape paying taxes to our country. He said there was an estimate that $300-$350 billion dollars were escaping our Treasury. I thought it an interesting stat.

[Richardo]

1. Any company headquartered offshore should be banned from gov't contracts.

If your company doesn;t pay taxes, my taxes shouldn't go to your company. Period.

[harlinchi]

6. Maks sense to me! n/t

[unblock]

2. i'm guessing he's not a senator from the great state of delaware

where about 50% of all american corporations are technically incorporated ... including, um, the one i work for ....

[On the Road]

3. It's Probably a Filing Cabinet

with 12,400 articles of incorporation filed from a distance. Probably no one from any of those companies has ever seen that filing cabinet.

[kentuck]

4. True.

It's a tax loophole.

[BlueEyedSon]

5. It's a "Mailboxes Etc" storefront

[napi21]

9. That's exactly what it is. The employees just push a little paper.

In fact, I believe MOST of those Corps. are quasi financial institutions. The advantage is, of course, there's no US taxes due on any investment earnings that are made there.

This has existed for many many years! I remember, 25+ years ago, the Co. I worked for finally made enough $$ to worry about reducing taxes instead of just surviving. Our Controller announced that he was investing the surplus co. funds in the Caymans. We all asked him if he was not affiliated with the Mob? Of course he wasn't, and this was a perfectly legal option that was recommended by our Accounting firm, Touche Ross.

[Wilms]

7. That's one heck of a factoid! n/t

[mdmc]

8. kick

to the head...

[GreenPartyVoter]

10. Whoa!

[zbdent]

11. Strangely, all of the businesses' cumulative office spaces are limited

to the size of an old public library card catalogue