Saturday, October 18, 2003
Company Is Foreign at Tax Time, but Seeks Americans-Only Work
Company Is Foreign at Tax Time, but Seeks Americans-Only Work: "Company Is Foreign at Tax Time, but Seeks Americans-Only Work
By DAVID CAY JOHNSTON
Published: October 18, 2003
big oil-well drilling company that has used one law to escape American taxes by taking addresses in Bermuda and Barbados is now trying to use another law to qualify for business open only to American companies.
Competitors are crying foul, saying they cannot survive if the Bermuda-Barbados company, Nabors Industries, is allowed to vie for contracts while paying little or nothing in taxes.
The competitors, most of them family-owned businesses, say that unless Congress acts to level the playing field they will lose so much business to Nabors that they will go broke within a decade or be forced themselves to try to become Bermuda companies so they can also escape taxes."
Another prime example of off-shoring. The only thing that needs to be done is VERY simple: a law saying that an 'American company' means a company that has a headquarters on American soil and pays American taxes. Case closed.
By DAVID CAY JOHNSTON
Published: October 18, 2003
big oil-well drilling company that has used one law to escape American taxes by taking addresses in Bermuda and Barbados is now trying to use another law to qualify for business open only to American companies.
Competitors are crying foul, saying they cannot survive if the Bermuda-Barbados company, Nabors Industries, is allowed to vie for contracts while paying little or nothing in taxes.
The competitors, most of them family-owned businesses, say that unless Congress acts to level the playing field they will lose so much business to Nabors that they will go broke within a decade or be forced themselves to try to become Bermuda companies so they can also escape taxes."
Another prime example of off-shoring. The only thing that needs to be done is VERY simple: a law saying that an 'American company' means a company that has a headquarters on American soil and pays American taxes. Case closed.
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