Friday, February 13, 2004
SEE WHAT I MEAN? EVEN THE DEMS LIKE MONEY...
Yesterday (below) I went to great pains to point out another reason (other than lower labor costs) WHY companies are choosing to move their headquarters overseas to countries like Germany, France, Canada...and especially (in the example of Stanley Works Tool company) to BERMUDA.
Well...well...well...it seems I was more right than I imagined. You see, you do a little research and what do you find? A presidential candidate who takes advantage of the "loophole" he complains about...JOHN KERRY. Actually, it's a trust operated by his wife Teresa Heinz...
Although, I don't subscribe to Newsweek magazine, I've heard they have the story in this week's edition. Here's a similar report.
"US Presidential hopeful, Senator John Kerry, has been hauled over the coals for his anti-Bermuda stance - after it was discovered his wife's trust made a killing on Ingersoll-Rand redomesticating to the Island.
Sen. Kerry, of Massachusetts, has been loudly denouncing US companies moving offshore to save on their taxes calling them “Benedict Arnold” firms after the notorious American traitor.
Now the latest edition (Feb 16th) of Newsweek has revealed that in 2002 the conversion and sale of up to a million dollars of stock in Ingersoll-Rand made between $100,000 and $200,000 after stock rose in price following the company's move to Bermuda."
There is no corporate income tax in Bermuda and under a treaty with Barbados, profits are taxed at one percent.
So again...do as I say, not as I do...eh?
Yesterday (below) I went to great pains to point out another reason (other than lower labor costs) WHY companies are choosing to move their headquarters overseas to countries like Germany, France, Canada...and especially (in the example of Stanley Works Tool company) to BERMUDA.
Well...well...well...it seems I was more right than I imagined. You see, you do a little research and what do you find? A presidential candidate who takes advantage of the "loophole" he complains about...JOHN KERRY. Actually, it's a trust operated by his wife Teresa Heinz...
Although, I don't subscribe to Newsweek magazine, I've heard they have the story in this week's edition. Here's a similar report.
"US Presidential hopeful, Senator John Kerry, has been hauled over the coals for his anti-Bermuda stance - after it was discovered his wife's trust made a killing on Ingersoll-Rand redomesticating to the Island.
Sen. Kerry, of Massachusetts, has been loudly denouncing US companies moving offshore to save on their taxes calling them “Benedict Arnold” firms after the notorious American traitor.
Now the latest edition (Feb 16th) of Newsweek has revealed that in 2002 the conversion and sale of up to a million dollars of stock in Ingersoll-Rand made between $100,000 and $200,000 after stock rose in price following the company's move to Bermuda."
There is no corporate income tax in Bermuda and under a treaty with Barbados, profits are taxed at one percent.
So again...do as I say, not as I do...eh?
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