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Rich get richer with IRS loophole in sunny Bermuda

 
mrmuffins69
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02/22/2013 09:58 PM
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Rich get richer with IRS loophole in sunny Bermuda
Billionaire hedge-fund moguls are getting comfortable with a US tax loophole to fatten their already plump bottom lines.

All it takes to avoid tens of millions of dollars in taxes is a short trip to Bermuda — not by them, but their cash.

Hedgies like John Paulson and Steve Cohen are forming reinsurance companies in tax-free havens like Bermuda or the Cayman Islands — and then transferring cash from their funds to the reinsurance companies.

The cash, classified as insurance company reserves, is then transferred back into the funds as reserves to be invested for future claims.

Thanks to an IRS loophole, profits from these insurance companies aren’t taxed — until the stake in the fund is sold, and that could be years down the line.

Last Edited by mrmuffins69 on 02/22/2013 09:58 PM
mrmuffins69 (OP)

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02/22/2013 10:00 PM
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Re: Rich get richer with IRS loophole in sunny Bermuda
[link to www.nypost.com]
mrmuffins69 (OP)

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02/22/2013 10:06 PM
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Re: Rich get richer with IRS loophole in sunny Bermuda
laugh5
samanthasunflower

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02/22/2013 10:19 PM

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Re: Rich get richer with IRS loophole in sunny Bermuda
Isn't that the way most investments work? You buy something and then don't pay taxes until it's sold and you get your money back.

Rather than play the class warfare game, can't we get rid of the tax code and switch to some common sense and loophole free plan. While we are at it, let's get rid of 1/2 of the federal government so that we don't need to pay so many taxes to begin with.
Anonymous Coward
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02/22/2013 10:31 PM
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Re: Rich get richer with IRS loophole in sunny Bermuda
Do any of the Banks or tax dodging institutions in Bermuda and The Cayman Islands ever go bust? It would be terrible (well, not really) if some scam artist set up several different Banks in Bermuda or The Cayman Islands and had the elite deposit their money in them and poof! all of a sudden the money is gone! I wonder what kind of credit rating these institutions get from Moody's or S&P?
Isis One

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02/22/2013 10:46 PM

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Re: Rich get richer with IRS loophole in sunny Bermuda
Isn't that the way most investments work? You buy something and then don't pay taxes until it's sold and you get your money back.

Rather than play the class warfare game, can't we get rid of the tax code and switch to some common sense and loophole free plan. While we are at it, let's get rid of 1/2 of the federal government so that we don't need to pay so many taxes to begin with.
 Quoting: samanthasunflower


^^^^^^This!
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