So I just found out that Lazard is incorporated in Bermuda to avoid paying massive income taxes from income earned outside the United States. Becoming a Bermuda company is a paper transaction, as easy as securing a mail drop there and paying some fees, while keeping the working headquarters back in the United States to maintain American government security, and access to the legal system and courts. It's f*cking genius.
Many insurance companies are based there, but I was wondering why more companies don't do this to save billions for their stakeholders. I guess that patriotism is one factor they must consider. JPM paid almost $8 billion in taxes last year, but wouldn't it be more patriotic to reinvest that money in operations, dividends, and other investments? I guess it would look bad if Bank of America were incorporated in Bermuda, but doesn't making money trump everything else? I guess it pays for Lazard to be completely out of the public eye and clear of the media, while remaining one of the world's top investment banks.
Would you guys care America's largest corporations used tax havens to maximize their profit, or should congress pass a law to prohibit this and tax the hell out of corporations that pay us our salaries?
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Source: http://www.wallstreetoasis.com/forums/the-bermuda-tax-haven
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