Many of Air America's investors and executives say they thought the network had raised more than $30 million, based on assurances from its owners, Guam-based entrepreneurs Evan M. Cohen and Rex Sorensen. In fact, Air America had raised only $6 million, Mr. Cohen concedes. Within six weeks of the launch, those funds had been spent and the company owed creditors more than $2 million.
When the problems came to light, "we realized that we had all been duped," says David Goodfriend, the company's acting chief operating officer.
BoTM / JL / MM / HAB / VRWC / Horseman
I'm studying for the CPA exam. Have a nice summer, and if you're down just sit back and realize that Joe is off somewhere, doing much worse than you are.
based on assurances from its owners, Guam-based entrepreneurs Evan M. Cohen and Rex Sorensen
Does having your HQ in Guam give you the same sort of tax evasion benefits as an HQ in, say, the Cayman Islands?
Probably something like that, no one would incorporate their otherwise.
BoTM / JL / MM / HAB / VRWC / Horseman
I'm studying for the CPA exam. Have a nice summer, and if you're down just sit back and realize that Joe is off somewhere, doing much worse than you are.
And the correct term is "tax avoidance," not "tax evasion." Tax avoidance is perfectly legal, tax evasion is not.
BoTM / JL / MM / HAB / VRWC / Horseman
I'm studying for the CPA exam. Have a nice summer, and if you're down just sit back and realize that Joe is off somewhere, doing much worse than you are.
You can't exactly charge someone for setting up shop in another nation.
But a lot of companies do almost everything in the US and have a mailbox in some small Carribean island so they can skip out on taxes. I don't know if it's really feasible but I would love to see someone put a stop to that.
The End of Suburbia
"If more cars are inevitable, must there not be roads for them to run on?"
-Robert Moses
"The Wire" is the best show in the history of television. Watch it today.
rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
"This business will get out of control. It will get out of control and we’ll be lucky to live through it.” -Tom Clancy
Col. Crackpot wrote:rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
Shush shush, Don't break their idealistic image of Al Franken as being
better than Rush!
"If scientists and inventors who develop disease cures and useful technologies don't get lifetime royalties, I'd like to know what fucking rationale you have for some guy getting lifetime royalties for writing an episode of Full House." - Mike Wong
"The present air situation in the Pacific is entirely the result of fighting a fifth rate air power." - U.S. Navy Memo - 24 July 1944
Col. Crackpot wrote:rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
Erm, I don't know where they said that was their purpose.
Col. Crackpot wrote:rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
Shush shush, Don't break their idealistic image of Al Franken as being
better than Rush!
I don't remember Franken sending his housekeeper to a Denny's parking lot at night with a cigar box full of cash to pick up bootleg Vicadin and Oxycontin. *
Col. Crackpot wrote:rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
Erm, I don't know where they said that was their purpose.
the espose progresive tax policies and then evade those policies by setting up shop in a tax free zone offshore.
"This business will get out of control. It will get out of control and we’ll be lucky to live through it.” -Tom Clancy
Col. Crackpot wrote:rather ironic isn't it. The radio entity whose purpose it is to rant ad nauseum about corporations screwing over the working man via tax loopholes etc. goes and sets up shop outside the jusisdiction of the US to avoid paying taxes. talk about leading by example.
Erm, I don't know where they said that was their purpose.
the espose progresive tax policies and then evade those policies by setting up shop in a tax free zone offshore.
You are so utterly full of shit. Guam has nearly identical corporate taxes as the US mainland.
