Obama announces crack down on use of Cayman
(Washington Times): President Obama has detailed new plans to close off tax loopholes for large corporations and wealthy individuals, in the latest move by his administration. "We are beginning to crack down on Americans who are bending or breaking the rules, and we’re helping to ensure that all Americans are contributing their fair share," Obama said to reporters at the White House. Going after companies and individuals who funnel money to tax havens in the Cayman Islands or Swiss banks is just one part of the proposal.
Category: Business
Why anyone would think that Obama would help out Cayman or any country other than the US is beyond me.
He was elected by the American people for the American people. His duty is to them, not to the Cayman Islands, to to all the black people of the world, not even to Kenya. He owes his allegience to the American people.
Of course he doesn’t care what happens to Cayman. he has a deficit to fix, and it can be partially done by closing some tax loopholes.
I’d be more worried about the effect his policy on Cuba will have. Because once that becomes a place for cruise ships to dock, Cayman is in serious trouble.
Just to be clear, the Cayman Islands is not a haven for tax EVADERS. It Obama wants to chase those criminals in his own country, more power to him.
The Cayman Islands excels at (amongst a great number of things) providing a legitimate tax-neutral jurisdiction, grounding international transactions where the participants pay taxes in whatever jurisdiction they happen to be in, without the complication of paying taxes here. The Cayman Islands can continue to provide this service (and all others) without ever catering to tax evaders (who are not in any event welcome here).
So… let’s cancel the "the [Cayman] world is ending" party for now, and get on with our legitimate business.
I’m loving this, all the idiots down here cheering Obama on in the election without realising what was going to happen, maybe in future they will be a little less naive
I’m loving this, all the idiots down here cheering Obama on in the election without realising what was going to happen, maybe in future they will be a little less naive
I fully realised what Obama was proposing and that it could result in bread being taken from my mouth. But, I also felt that Obama was the better person to attend to the needs of the many despite what it would mean for me individually. In future, I will probably behave similarly.
I also believe that the apparent softening in Obama’s stance will benefit Cayman as the US will realise that OFC’s are instrumental in the global flow of capital. An aggressive tax package to weed out the cheaters will benefit Cayman’s reputation and perception and get Obama the $210 bil? in tax shortfall. Too onerous a tax package may tip the boat over and drive out legitimate corporations taking jobs and tax revenues with them. A US corporation with a Cayman subsidiary can become a Cayman corporation with a US subsidiary given the impetus.
What we have to figure out is how to stay in the mix, and as Twyla has said, smart people are working on it.
See this msnbc video that aired lastnight on the Rachel Maddow Show that put Cayman on full blast (link below)
Don’t blame Obama, he’s doing HIS job. You have to respect that. Blame our leaders… they should be protecting US! Bout "do no harm" DO NO HARM!!!! You’ve got to be kidding me! It’s like saying, "please Gordon Brown, please Obama, please don’t hurt us??? Pleeeeze???
I agree that Obama needs to address the rediculous lending practice in America which causes people to borrow more than they can repay which is one of the biggest factors for the economic crisis. But if you listen objectively, Rachel makes a good point for why Obama has to do this.
See the video HERE —-> http://www.msnbc.msn.com/id/26315908/#30568765
God help us.
Shucks, thanks Twyla!
Of course you are right. Together we’ll easily overcome whatever they come up with…
Stand tall, like always.
"…spineless mother country no use to us, lets go independant,cant hurt no more than what england want to do to us."
Yeah – that worked out for The Bahamas… ask the guys in the picture.
Bill the American: Obama, you can have my off-shore bank account when you pry the bank card from my cold dead fingers, or something like that.
Carl the Caymanian: Sorry dude, The Big O say we gotta cough up the bank records or he’ll write our name on a list or something.
Chuck the Canuk: Hey Bill, why don’t you hide your money in Delaware in a shell company? They’ll never find it there, mixed in among all those other hundreds of thousands of corporations and bank accounts with fake names cause they don’t do KYC at all.
Carl the Caymanian: Ya man, we sent some politicians up there with a bunch of our money, and we’ve never seen it since… it must work!
35 meetings in 3 dazs. A "Please Mr. President…" letter. Grey list , listing. And should be Iimpressed?
I am not. I am not alone ….
It was also reported on CNN News.
this country does not need to go independent, dog will eat our supper then, anyhow that happens. And as far as Kurt Tibbetts go, he needs to get out politics now, becuase all he ever done for this island is make us go into debt. we don’t need him as a cayman representive. we need true caymanians that will look out for the better of thier people and thier country. Not for themselves. I don’t know what the majority of us were thinking when we voted PPM. I am pretty sure we all are very disappointed and disgusted with PPM. McKeeva Bush may be whatever. BUT he looks out for his people. And whatever he have to say. he say it how it is. Kurt and the member of ppm is a disgrace to our Island!!!
WE KNOW, THAT OBAMA KNOW,
THAT EVERYBODY KNOW, THAT THEY KNOW, THAT WE KNOW, THAT WHERE THERE IS A WILL THERE IS A WAY.
One thing I will say about the Cayman Islands, beside us having smart natives that dont bow, we have very smart expatriates too. They will figure it out. NUFF SAID.
Good vacations Kurt and the PPM last month in Washingtown Shame on you PPM!!!!!
Oh yah like Kurt Tibbets has any influence whatsoever over anything President Obama says or does. Dream on.
Kurt i thought Obama got this straight wha happen mean man he still has a woody for Cayman I thought you told me how it goes Please invite him down for some turtle stew
Poor cayman another blow from another blow hard. spineless mother country no use to us, lets go independant,cant hurt no more than what england want to do to us.