Obama Victory a Win for Offshore Panama Accounts
Thursday, November 13, 2008 12:45
Justified or not, Presidential candidate Barack Obama has a lot of wealthy individuals and companies bothered. Obama’s goal is to efficiently pursue and enforce his plan of increasing taxes on rich corporations and the wealthy elite. He believes this will help the United States economy in the long haul. A lot of economic experts agree that, if such is implemented, lower tax revenues are likely to be expected. As in his own words – lets spread the wealth around.
For the U.S. Treasury Department, the implementation may indeed spell more bad news for them. Presently, a lot of ultra rich individuals and corporations have already taken advantage of the fact they operate on a multinational basis. Popular mega corporations like Coca Cola, General Electric and Walmart constantly scour the globe in search of lower wages, better tax shelters, less environmental constraints, tax structures which effectively works in favor of cost cutting initiatives and programs. Shareholders demand lower costs to maximize their profit sharing. Mega rich families like the Gettys, Rockefellers and Rothschilds also bank globally. The current tax structures are filled with legal loopholes, which these individuals and corporations take advantage of: disguising their assets through offshore accounts, charitable donations and other methods as well.
Obama’s tax policies are a sure fire way to drive these individuals and mega corporations to move more of their assets to lower tax jurisdiction nations, as well as offshore tax havens. Numerous resources exist to support the effects of lesser income, as well as the movments of funds to alternative destinations and bases. Consider the examples of the economies of Ireland, New Zealand and Russia, where these three nations have drastically changed their tax structures and a dramatic economical turnaround from the past 15 years, has been experienced on a consistent basis.
On the flip side, Panama’s offshore banking and legal industries stand to gain much from Obama’s planned tax scheme, as people want to move their assets to off shore havens, Panama has a stable and growing economy with stability and modernized banking infrastructure. A perfect haven close enough to the states to be able establish a business, as well as a residential base, without having to venture off too far away from the homeland.
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