Comments on: Book: Bermuda’s A “Treasure Island”

By: Sumitra

Sumitra — Sat, 26 Feb 2011 01:52:56 +0000

“US operations in the US pay full corporate income taxes on the profits earned in the US.”
Dear Mr. Barrett,
I think you may be incorrect in your statement. Please see the links below.
Citizens for Tax Justice ctj.org

Direct link to page of reports—
http://www.ctj.org/fed_pub_news/givaways_corp.php

Here are some of the good ones—-they are working on updating these but you’ll get the drift and it’s even worse now since 2008!

* CTJ/ITEP Study of State Corporate Taxes – 02/02/2005
* Congress Passes $210 Billion in New Corporate Tax Breaks – 10/12/2004
* Corporate Income Taxes in the Bush Years – 09/22/2004

Thank you.

By: LostinFlatts

LostinFlatts — Mon, 10 Jan 2011 11:12:23 +0000

“The dominant sector thus becomes yet more dominant. Again, this is a bit like like mineral-rich economies afflicted by the Resource Curse, where the natural resource sectors crowd out other productive sectors like agriculture, manufacturing or tourism, leaving politicians to rail impotently about the receding dream of economic diversification.”

Good point, how dare countries with natural resources build their economy around these? How dare small islands with no means to produce anything at all use creativity to create an industry to sustain themselves?

Perhaps the author would be so kind as to suggest what ourselves, the Caymans etc should do if not international business? Because agriculture and manufacturing are obviously out of the question, and tourism is still a focus (well at least it should be, maybe we should have had a full time Tourism minister over the past few years).

By: Triangle Drifter

Triangle Drifter — Sat, 08 Jan 2011 20:56:26 +0000

One would think that a topic like this, which is so vital to the Islands future would generate lots of responses. Sadly it does not. Car crashes, a homeless individual getting a lucky break, a Minister not paying a parking ticket etc. etc. all get far more keyboard time. So sad.

By: Peter Barrett

Peter Barrett — Sat, 08 Jan 2011 16:05:02 +0000

The notion that US corporations are “keeping their profits in off-shore locations” is very misleading. US operations in the US pay full corporate income taxes on the profits earned in the US. Offshore jurisdictions like Bermuda are not used to avoid paying taxes on US operations. Bermuda does not cheat Uncle Sam.

By: Triangle Drifter

Triangle Drifter — Sat, 08 Jan 2011 14:43:52 +0000

“Instances are given where the populations of poor countries have to pay back enormous loans apparently given to their countries but in fact snaffled by their corrupt leaders, who stash the money in First World bank accounts,”

Can’t help but relate this to the $1B debt Bermuda has recently aquired & spending that is otherwise unaccounted for or mispent. BHC, Cruise Ship Dock, Berkley, Gov Admin Building, BLDC projects at baselands, handicap buses, unused ‘small’ buses, inappropriate ferrys, Gov cars for everyone, gov credit cards, travel junkets etc.etc.