Barbados Ranked as One of the Worst Tax Havens

oxfamThis report [attached] exposes the world’s worst corporate tax havens – extreme examples of a destructive race to the bottom on corporate tax which has seen governments across the globe slash corporate tax bills in an attempt to attract business. It calls on governments to work together to put a stop to this before it is too late – Oxfam Policy Paper

The report released by Oxfam -a large UK charity – ranks Barbados 13th out of 15 as the world’s worst corporate tax havens.  For what it is worth here is a link to the 46 page report. Is this the report Minster Donville Inniss issued an angry retort? Minister Innis please give us an update on the illegal importation by Bhana and company –Continental Foods and Bhana, the Chicken Wings and Expired Labels Affair.

90 comments

  • peterlawrencethompson

    Despite Minister Innis frothing at the mouth about the unfairness of Oxfam in an article on Barbados Today http://www.barbadostoday.bb/2016/12/14/blacklisted/, this British charity has compiled a closely reasoned and quite balanced report. Innis complains that organizations like Oxfam are picking on Barbados “because small economies like Barbados do not have the financial wherewithal to go after them.” But the report does not just pick on Barbados, there are four EU countries on the Oxfam list of world’s worst corporate tax havens and all of them rate worse than Barbados. In fact global financial powerhouses like Switzerland, Singapore, and Hong Kong all rate as worse than Barbados, not to mention the British Crown dependency of Jersey.

    The enemy here is not Oxfam, or even the tax havens themselves, but greedy multinational corporations that abuse their power to enrich themselves at the expense of citizens both in the developed and developing worlds. Tax dodging by multinational corporations costs poor countries at least $100 billion every year and wealthy ones much much more. Meanwhile places like Barbados eke out a pittance for facilitating this wholesale theft from citizens across the globe.

    It is not sustainable. If we tax offshore corporations 2% so that they can escape the entirely justified 20% rate they would pay in the jurisdictions where they actually do business, then someone else will come along and charge them only 1% or even 0.1%. It is, as Oxfam points out, a race to the bottom that ultimately benefits only the multinational corporations.

    It is time that Barbados stopped offering any further incentives to grow the offshore financial sector. We need to wean ourselves from our dependence on this cash flow both for moral and practical reasons.

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  • Just leave them all alone until they are voted out, They are not going to do nothing of worth,

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  • “The enemy here is not Oxfam, or even the tax havens themselves, but greedy multinational corporations”…..millions of individuals and corporations avail themselves of the financial benefits of tax havens. And yes they are greedy. It is a systemic global issue. Yes the large corporations have the staggering tax savings which gain media attention, but proportionately, many of those actually pay far more tax than some less famous corporations.

    And yes changes must occur. Despite their tax haven status, the MoF extended the governments internal borrowing yesterday by 1 Billion. They also waived penalties on another Billion owed to them in taxes. How does one “wean”, when a government cannot collect taxes in its own backyard, and cannot come close to balancing their books even with the income from offshore operations?

    It requires a global sanction. Tough to enact, when most of the global political campaigns are funded by persons/corporations who benefit from the tax haven game? And your biggest ally maybe the one we all love to hate, DT, because he has to stop this tax bleeding if he wants to make America great again.

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  • Well Well & Consequences

    I remember having this same discussion last year where a blogger did not see anything wrong with islands/countries undercutting each other to attract greedy offshore corporations, by facilitating their tax evasion, these companies who should not be contributing to any political financial campaigns in any country to interfere with internal politics, but should be paying not 2% in taxes, but at least 10%…….since they pay 20% and up to 30% taxation in their own countries….

    …… paying 10% taxation in Barbados and other jurisdictions. ..could never hurt them…but they are greedy and the ministers in the taxhaven jurisdictions are low level 2 dollar hoes.

    As it stands the high burden of ever increasing taxation and making up billion dollar shortfalls… falls on the poor in the population, because their numbers are greater and drives the country, as is now evident in Barbados. …directly into extremely high debt and poverty. It’s simple common sense, no degree needed to see.

    I remember pointing this out to Cruseo not even a year ago and he could not grasp the approaching destruction.., well here it is.

    Dumbville had no right lying to and misleading bajans when it’s both governments created this mess by selling their tails and that of the island…too cheap…..it appears Dumbville like Cruseo may be totally unaware himself of the level of destruction gifting low taxation to tax evaders offshore and onshore would eventually cost the island, if ya going to be a whore at least be high class and expensive to the buyer…

    ….,.now they are complaing about 1 billion dollars owed in taxes when the ministers keep creating the shortfalls by facilitating low taxes or no taxes or decades of concessions to corporations which ruins the country…it is not rocket science.

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  • “Not good!
    sewage crisis bad for business, warns sandals”

    Sewage crisis apart, Zievinger said Sandals remained committed to Barbados.

    And in response to recent criticisms of the duty and tax free status granted to Sandals for 40 years by Government, the general manager, who spoke to Barbados TODAY on the sidelines of today’s Sandals Barbados Annual Christmas Toy Drive at Vauxhall Primary School, said: “There is no investor in the world that would invest millions of dollars if there is no return on investment,” adding that “Barbados will be very, very proud by next year the end of November when Sandals Barbados Phase 2 opens up.

    “It will put not only Barbados, but also continue to put our resorts on the map in terms of what we present to customers,” he said of the ongoing US$180 million expansion, which will add another 222 rooms to the existing
    280-room stock.

    http://www.barbadostoday.bb/2016/12/15/not-good-2/

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  • Well Well & Consequences

    “Barbados will be very, very proud by next year the end of November when Sandals Barbados Phase 2 opens up.”

    There is that stupid word proud again, PROUD dpes not pay the country’s bills or fix the sewage mess, or the roads or transportatìon or feed the people or create 60 thousand jobs paying much higher than maids, gardeners, servants, waiters salaries, etc.

    That word proud should be banned and those who like to use it to their own advantage jailed.

    The asses in parliament only allowed Stewart to slither back into Barbados because he was involved in some scam in Bahamas, I think, and had to pay a 12 million dollar fine, they love scams and criminals…but could never negotiate an adequate amount of anything for the island and people, it’s allows barely enough to drive the country to the poverty line…they are useless.

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  • “And yes changes must occur. Despite their tax haven status, the MoF extended the government’s internal borrowing yesterday by 1 Billion. They also waived penalties on another Billion owed to them in taxes.”

    The government did not have any other choice but to raise the statutory borrowing limit, because, as identified by S&P’s September 14, 2015 rating report, “The National Insurance Scheme (NIS) is less able to finance the government than in the past because of its declining surpluses. Financing from local banks is increasingly based on shorter tenors and higher interest rates.”

    Additionally, according to the report: “Barbados uses MORE than 15% of general government revenues to pay INTEREST on its debt (EXCLUDING the interest that the government pays on government debt, which the NIS holds).”

    Apparently, government seem to have come to the realization that the Central Bank’s continual financing of the deficit has become unsustainable, since it increases inflation and undermines the bank’s operational autonomy (independence).

    What else could we expect when we are experiencing weak economic growth occasioned by a large fiscal deficit, an increasing government debt, reduced tax revenues and a rapidly depreciating currency (MY ASSESSMENT based on (but not limited to) the action Guyana recently took on our currency).

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  • Well Well & Consequences December 15, 2016 at 6:42 AM #

    “The asses in parliament only allowed Stewart to slither back into Barbados because he was involved in some scam in Bahamas, I think, and had to pay a 12 million dollar fine, they love scams and criminals…but could never negotiate an adequate amount of anything for the island and people, it’s allows barely enough to drive the country to the poverty line…they are useless.”

    @ WW@C

    Butch is a “crafty business man,” who will seize the opportunity to take advantage of any investment opportunity. Surely you cannot blame him for investing in Barbados.

    Take into consideration that the CBB is financing the deficit and government has extended 40 years of tax free concessions to Sandals, one of which includes tax free inputs for construction and other imposts. Investment heaven.

    Put the above comments together with the fact that, under economic conditions being experienced by Barbados, deficit financing “manipulates” investment patterns. In other words, investors, motivated by higher than usual profits, (especially when awarded the advantage of 40 years tax free concessions, including VAT and corporation tax), may invest in industries that yield high profits in the short term, such as tourism.

    Unfortunately, such investments may not be in the interest of Barbados’ long term economic development, after years of sustained negative growth.

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  • Peter,
    What does morality have to do with business? Ask Donald Trump. He has shown it. All this talk and emphasis on things like morality, nepotism, conflict of interest, and such, have been thrown out the window. The Americans who elected Donald Trump have shown that these things do not matter, and we are wasting time when we allow them to rule us/

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  • Well Well & Consequences

    Art..and you have ministers from both parties who are not skilled at negotiating anything to benefit people and country beyond the mediocre, but can always negotiate million dollar bribes for themselves.. they are however, very skilled at lying to and deceiving the electorate.

    You said it yourself however, the long term acceptance of investors making themselves weakthy by bajans being proud translates to nothing for the island in the lpng term, they will still be screwed, it’s all in the negotiations..of which the present lot of politicians can only negotiate for themselves, not for the long term benefit of the country.

    http://ow.ly/oLup3079sBt

    Alvin..stop spreading lies and misinformation, there is the Emolument Clause, the 12th Amendament and House of Representatives and impeachment to deal with Trump, your ugly soul will always cave in to wickedness against your own people.

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  • Alvin
    The great US of A elected a demagogue,a serial liar married to a model who posed in the nude and white Americans are rejoicing that a lady will at last be again in the White House to replace the monkey in high heels.Cheap lowlife whites cannot deal with highly sophisticated blacks like the Obamas.It just does not fit into the snow job they perpetuate on blacks for centuries….rags,poor language skills,servile tasks etc.As a native South African journalist put it to a BBC reporter,if in America he is confronted by a cop,the cop will shoot him.The fact that he is not an American black does not matter.The cop sees a black man.Bajans,wake up and take this country and control it from top to bottom. Many years ago as a teenager in Venezuela,I was given a lesson in human relations by an observant friend.He said,”Blanco man,no good.”A profound statement that’s so true.

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  • I invite Peter, WWC and the rest of you to take a less hostile view of the “greedy” corporations you want Barbados to separate from.

    First of all, most of you are enthusiastic customers of these “greedy” corporations –we are talking about Apple, Google, Microsoft, ExxonMobil, etc. So you give them your money, but you don’t want the government to have anything to do with taking their money. How ironic.

    Secondly, the a large share of the profits of “greedy” corporations end up in charitable projects in Latin America, Asia and Africa. Google the Bill and Melinda Gates Foundation, for example.

    Thirdly, taxes not paid to governments in North America and western Europe are almost always a good thing. Most if this money would be wasted anyway, either on useless weapons, or on unnecessary travel expenses for civil servants and government contractors.

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  • What is notable is that even as we are blacklisted in a lucrative area we are incapable of capitalising on it due to our inabilty to facilitate speedy business set ups.

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  • millertheanunnaki

    @ Alvin Cummins December 15, 2016 at 7:43 AM #

    “What does morality have to do with business? Ask Donald Trump. He has shown it. All this talk and emphasis on things like morality, nepotism, conflict of interest, and such, have been thrown out the window.

    The Americans who elected Donald Trump have shown that these things do not matter, and we are wasting time when we allow them to rule us..”

    Well put, Alvin!

    We only hope you do not develop convenient amnesia when the deceitful members in that dangerous lying part (dlp) mount their full re-election campaign based on morality while the country is going to hell in a hand basket full of shite.

    We need good managers and honest governance not the ranting of hypocrisy from the moral majority in the wicked church of that destructive lying party.

    Liked by 1 person

  • Well Well & Consequences

    Chadster…no one said anything about separating….I mentioned the word inadequate NEGOTIATIONS attributed to government ministers at least 5 times, as in BETTER NEGOTIATIONS to benefit island and people…. 10% taxation or a little less is adequate from offshore corporations, they pay 20 to 30% in their own countries..,2% is streetside prostitution..the lowest kind.

    For the umpteen time…the government ministers are lacking negotiation skills to benefit country and people.

    As in Sandal’s case..they should have earned those 40 year concessions in increments of 5 years, to benefit people and country…for the long term…as should all onshore companies getting concessions, they should not be given freely, again, it’s short term prostitution.

    So who won the undercutting practiced by all these countries. ..they all ended up blacklisted, as for the companies, they will still have to pay much of the taxes in penalties, that they have been dodging for years, but the people racing into poverty are the biggest losers, islands like Barbados, unable to maintain infrastructure or anything else…the damage is complete.

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  • Well Well & Consequences

    “Secondly, the a large share of the profits of “greedy” corporations end up in charitable projects in Latin America, Asia and Africa. Google the Bill and Melinda Gates Foundation, for example.”

    Chadster…need I remind that these are TAX WRITEOFFS…the only way to beat uncle sam when you earn millions or billions…it’s not a give away, it’s a necessity.., christ.

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  • Well Well & Consequences

    “Thirdly, taxes not paid to governments in North America and western Europe are almost always a good thing. Most if this money would be wasted anyway, either on useless weapons, or on unnecessary travel expenses for civil servants and government contractors.”

    And that is why these little third rate, third world, small island, visionless government ministers should demand 10% in taxation from these offshore tax evading companies.

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  • Well Well & Consequences

    Chadster..ya been drinking way too much of the Trump koolaid, you have reached the point of no return..chaa, lol.

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  • The Minister’s snit is all performance art, he knows Barbados is a tax haven and he should own it but our placement in that world is a matter of semantics, are we the 13th worst or the 13th best? It all depends on where one is perched but I always heard that if one is committed to something they should try to be best in that endeavour so Barbados should be taking aim at tiny Bermuda.

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  • @ Sargeant
    “….but I always heard that if one is committed to something they should try to be best in that endeavour…”
    +++++++++++++++++++++++++++++++++++++++++
    Where did you hear that one boss…? in the Sergeant’s Mess?
    That only applies to honest people.

    We strive to be prostitutes in the way we seek to live as a country, but we expect to be viewed as virgin, ‘church-going’, saints.

    All OXFAM is doing is seeing the Emperor’s robes through a child’s eye. If we were honest (a foreign idea to Pornville and his clan) we would do as you said and claim to be the 13th best at our game….

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  • millertheanunnaki

    @ Sargeant December 15, 2016 at 9:18 AM

    The man is very well aware that he is only singing for his supper.

    After all, it is the same clandestine underworld of international business aka tax havens in which the said town crier made his millions and continues to make them from behind a blind trust of an IBC called ‘My Spouse’ business dealings.

    Now what can the poor man who has bills to pay do to protect his threatened livelihood other than issue empty threats to Oxfam, one of the biggest charities in the UK? The guy is reacting as if Oxfam has singled out Barbados for unfair treatment.

    The same way his administration is going after tax dodgers (except Leroy Greenverbs) so too Oxfam wants governments in the so-called developed countries to go after the tax dodgers using offshore havens to ‘avoid’ their fair share of tax contributions to their national treasuries.

    What is he going to do? Withhold contributions to the United Nations unless Oxfam apologizes to this insignificant unknown tin-pot dictator from Pornville?

    Under his administration’s watch Barbados has not only been financially downgraded to junk status but is about to be further blacklisted not only as a tax haven of ill repute but also as a no-go shitty destination for travellers who care about their own health and safety.

    But look on the bright side. This triple whammy of coincidences offers a golden opportunity for a convincing alibi to go to the IMF on their knees with a forex begging bowl in hand.

    We are certain Oxfam would only be too willing to feed the soon-to-be thousands of starving Bajans when the cost of imported food would more than triple in the following months.

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  • We all know that the ” offshore financial sector ” is at risk because it is dependent on other countries.

    Tourism is also dependent on other countries and could “collapse”.

    Barbados needs to diversify the economy.

    We all are good at criticizing. How about some ideas on helping Barbados make the transition to a more diverse sustainable economy.

    I only have one idea which is also suggested by many others.

    Massive investment in Agriculture to reduce imports and as part of a Food Security Plan.

    Liked by 1 person

  • @ Hants December 15, 2016 at 10:06 AM

    “We all are good at criticizing. How about some ideas on helping Barbados make the transition to a more diverse sustainable economy.”

    How about allowing the young people to grow marijuana in stead of allowing the the 2,000 odd acres of CLICO plantation lands to grow cow itch and provide a haven for vermin and fast breeding monkeys?

    The great USA is turning to the once ‘cursed’ marijuana plant as a means of diversifying its economy. Why not Barbados in its dire need to both Earn and Save foreign exchange?

    Liked by 1 person

  • NorthCoastBather - The Gazer

    Seems as if I am always back there….

    Did the two ministers go into the water or did they just pose on the beach with towels wrapped around them. You saw how fat their middle was. Living the good life.

    Highly reminiscent of a SNL or comedy skit,.
    You say the water is dirty and the strike a pose about bathing in it.
    You talk about water shortage and they drinking water on Facebook.

    They need to hire good PR staff and fire the comedy crew,

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  • NorthCoastBather - The Gazer

    *and they strike a pose on the beach

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  • NorthCoastBather - The Gazer

    ^oops wrong post

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  • We need to get back to Agriculture and be serious about it,using cane as our base crop to be rotated with others such as Hemp and any other crops from which we can produce benificial legal value added niche products for local and export purposes.

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  • Well Well & Consequences

    Now all ya gotta do is convince the donkeys in parliament.

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  • peterlawrencethompson

    @Alvin
    Trump is a pathetically poor businessman. If he had invested his inheritance in a simple stock exchange tracking fund he would be richer than he is now without having cheated almost every person or small business he’s dealt with. He is simply a waste of oxygen.

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  • @ PLT
    Trump is a pathetically poor businessman….
    ++++++++++++++++++++++++++++++++++++
    …but he is just what the USA deserves at this time….
    As you must know, we ALWAYS get the government that we deserve.

    Liked by 1 person

  • @ Hants et al,

    The days when Barbados had the intellect, the energy, the creativity and the potential to diversify their economy has long since bolted.

    My parents and their ilk, a handful of the elite middle classes and those with a loftier status in life will be fine. As for the rest: time for them to pack their bags and search for greener pastures.

    Barbados has become a cruel, sadistic and a brutal country where there is little sympathy for the poor, the working class, the common tax payer, the bog standard middle class and those who lack savings.

    You may not appreciate my analysis. The low hanging fruit called The Caribbean region is ripe for a complete takeover.

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  • peterlawrencethompson

    @Chad99999 said “Secondly, the a large share of the profits of “greedy” corporations end up in charitable projects in Latin America, Asia and Africa.”
    Actually you are mistaken. Check the actual numbers. I am very familiar with the Gates foundation, they do extraordinary work, but none of that money comes from Microsoft profits; it’s all from Bill Gates personal capital gains over the years. Capital gains are not profits.
    Much of my professional life has been spent fundraising from corporations and philanthropic organisations, so I’m familiar with the very small portion of corporate profits that go into charitable projects.
    Apple, for example, makes great hardware and software, but their charitable giving record is pathetic. They match gifts up to $10,000 a year made by full time employees, and they have over 80,000 high paid employees. However, this has generated only about $80 million to charities over a period when Apple profits have been $243 billion. So this is a giving rate of 0.016%. That’s pathetic. By the way, over $200 billion of these profits are hidden in offshore tax havens.

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  • PLT

    Capital gains ARE profits. The reason Bill can buy a stock at $10 and sell it for $15 is because the company is profitable, or more profitable than before, or is expected to become more profitable, etc. The value of a stock is the estimated present value of its future stream of dividends. Dividends are paid out of profits.

    Nearly everything Bill has comes from profits of Microsoft or other companies he invested in. His salary over the years is a tiny fraction of his cumulative income.

    Apple has never distributed its cash directly, but guess what. The money (and stock) that went to, say, Steve Jobs, is now in the hands of Steve Jobs’ widow, who has set up a series of charitable foundations to give much of the money away. He couldn’t take it with him.

    Liked by 1 person

  • It seems every few months or so there is some report or statement singling Caribbean countries out as tax havens. I remember a few years back around 2009 then French president Sarkozy made a song and a dance about some Caribbean countries being black listed as tax havens. He wanted to bully countries into putting in place his desired changes by talking about cutting development aid to them….

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  • peterlawrencethompson

    @Chad99999
    This isn’t the venue for a debate about accounting, but the fact that profits bear a similar relationship to capital gains that food bears to clothing size does not make you want to wear a T-bone steak or eat your blue jeans.

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  • @ Bushie

    Per usual, your reading is right.

    We have been studying these events and though we have estimated current circumstances it still shocks that we have arrive at that point currently.

    There will be a new world.

    Anybody who would presume that Trump is anything less than the beginning of the end of the system of things, well!

    Liked by 1 person

  • This is just a ploy by some wealthy first world countries to stop wealth from flowing out of their countries that’s all. Bermuda and Cayman Islands are on the list and are on the lips of many US & European politicians, but the international business sector in those two countries are thriving. If companies/individuals are looking escape the taxman, and save wealth, their will be nothing stopping them. Once its legal and above board, all is well. Dont we all try to pay as little tax as possible on an individual level? I know, I sure try.

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  • Kevin
    In other words tax avoidance is legal.Tax evasion is illegal.

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  • peterlawrencethompson

    @Kevin
    This is because those wealthy countries have wide swaths of poverty and not enough public revenue to address significant social problems because their corporate tax laws have been hijacked by corrupt politicians and greedy special interests. (Kind of like in Barbados.)

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  • There is never enough public revenue to address social problems

    In the 1960s, when LBJ launched his War on Poverty, the US poured billions of dollars into the inner cities. The money largely disappeared into the pockets of businessmen and middle class professionals hired to “help” win the War. The poor received few benefits and most stayed poor. It is always thus.

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  • PLT

    spreads many fictions. The Donald’s father was a rich man, but the trusts he set up for his family divided money among several children. The Donald received less than $20 million in all from his father before and during the 1970s. Today he is worth more than $3 billion. That is 150 times his inheritance, and he has maintained a lavish lifestyle throughout.

    The notion that he could have lived well and still be as rich as he is just by investing in an index fund that tracks the overall stock market is total BS.

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  • @ Chad999999999999
    The notion that he could have lived well and still be as rich as he is just by investing in an index fund that tracks the overall stock market is total BS.
    +++++++++++++++++++++++++++++++++++++++++++++++
    So is the notion that he is worth $3B… in the absence of credible statements of assets and liabilities. Bushie would also want to know the value of liabilities shed during his many bankruptcies.
    Presumably if someone was heartless enough to borrow millions of dollars, hide this away in various ‘ventures’…and then declare bankruptcy to escape liability, even Dompey could end up very rich….

    Would you not be much more comfortable defending Trump if he (as successful as he claims to be) were to disclose his tax information?

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  • After Donald Trump won the Republican nomination for the presidency earlier this year, Forbes Magazine published an estimate of his net worth — $3.7 billion. Trump believes he is worth nearly $10 billion.

    Trump did not borrow money and hide it. Some of the corporations he established with borrowed money lost their assets and went bankrupt. Other corporations have been highly profitable. Each corporation is a separate “person” under tax law.

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  • @chad

    Surely you are aware the methodology used by Forbes et al is not an exact science?

    https://www.quora.com/How-do-Forbes-and-Bloomberg-calculate-the-net-worth-of-wealthy-people-and-billionaires

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  • @ David … not only that…
    LOL
    …Chad said “Some of the corporations he established with borrowed money lost their assets and went bankrupt….”

    Who does Chad think ‘found’ those lost assets…?
    …Bushie?
    …It is no wonder then, that “…..Other corporations have been highly profitable.”

    LOL
    ha ha ha

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  • Well Well & Consequences

    Chadster knows nothing about Trump, he is just a wannabe lackey and mouthpiece for Trump, who would not even spit on him, if he was on fire…something like the yardfowls ACs and Alvins.

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  • The alternative to Trump was a failed law student who never accomplished anything significant on her own.

    She is worth $50 million, all of it earned from delivering speeches to groups seeking favors from the government. Which is a more corrupt way to make money than selling real estate.

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  • Trump s so rich that he set up a University to fleece vulnerable people of their money, so rich that he used a “bogus” charitable organization to pay off his personal debts and bribe elected officials, so rich that he never made donations to organisations that he promised to make, so rich that he received 17 million from an insurance company for non- existent damage from a hurricane, so rich that he stiffed small business contractors who worked on his many properties by refusing to pay them for their work. I won’t even mention the legally dubious methods he used in his tax returns to avoid paying taxes, so dubious that the IRS changed their rules after he employed them.

    That list is from the top of my head, there is more stuff around.

    Release those tax returns.

    #Con man Trump

    Liked by 1 person

  • peterlawrencethompson

    @Chad99999
    Yes Chad, there is a bit hyperbole in my take down of Trump’s business acumen. I’m an admirer of the talents of real businessmen like Jobs, Gates or Walton, but Trump is just a scam artist.
    Let’s take a look at the figures. A National Journal writer, S.V. Dáte, estimated Trump started with $40 million in 1974 when he became president of his father’s real estate company. By one estimate, the firm was worth about $200 million. You’ll need to consult the other Trump siblings to verify how much of their father’s estate the received, but one brother, Fred Trump Junior, was apparently disinherited completely.
    In December 1974 the Dow Jones was at 803. Today it is at 19,757. So if $200 million was dumped into Dow Jones index tracking investment contracts in December 1974 it would now be worth about $4.9 billion. QED

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  • peterlawrencethompson December 15, 2016 at 5:20 PM #

    “This isn’t the venue for a debate about accounting, but the fact that profits bear a similar relationship to capital gains that food bears to clothing size does not make you want to wear a T-bone steak or eat your blue jeans.”

    @ PLT

    I agree with you that, although capital gains may bear a similar relationship to profits,” in theory they cannot be considered as profit gained from business operations.

    Capital gains are basically profit made from the sale of capital property (assets), (i.e. an investment [shares, stock] or real estate/property), less any legitimate expenses associated with its sale.
    +++++++++++++++++++++++++

    Kevin December 15, 2016 at 7:55 PM #

    “Dont we all try to pay as little tax as possible on an individual level? I know, I sure try.”

    @ Kevin

    And this is why the government is owed over $700M in taxes, because we do not want to pay out fair share of taxes. Yet we want our children to travel free on Transport Board buses, enjoy free education and health care; and we complain bitterly if government is shoddy in providing these and other social services.

    @ Bushie

    I don’t care how much Trump is worth… each time he opens his mouth to say something or someone is “tremendous,” I hear a complete idiot.

    Trump is the same man who manipulated the tax system to avoid paying taxes, which will now finance him, his wife and children in the White House and pay the secret service to protect him.

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  • de pedantic Dribbler

    @peterlawrencethompson re “… I’m an admirer of the talents of real businessmen like Jobs, Gates or Walton, but Trump is just a scam artist.”

    I am sure that you recognize that for the piped piper to be successful then there must have been ‘gullible children’ who embraced his music. Donald Trump is now the president of the world’s most powerful nation thus this narrative of his scam artistry is now as old as that ancient fairy tale because 60+ million people bought his tunes!

    And not taking anything away from the great businessmen cited but the corporate world is a lovely scam.

    The great Sam Walton built the truly awesome Walmart operations. Annual revenue regularly above $400B with profits also annually exceeding multi billions…for years now.

    Yet, they have some long-term employees who receive such low wages that despite supposedly full-time work schedules they often have to seek assistance from gov’t programs to supplement their livelihood off the poverty line.

    Yet, the company which brands itself as ‘Made in America’ imports and have mfg. ops. in China to the tune of $30+ billion per annum.

    Life is a scam.

    Folks like Trump play in very well. We can scorn him as much as we want but at day’s end he has shown himself to be a better player…dirty and scrappy surely, but he is now President-elect Trump.

    How to make him crash and burn (as he surely will) without taking the world to war or the world economy to great upheaval is the challenge.

    Like

  • Well Well & Consequences

    Donald Trump is presiudent elect, the electors have not yet voted, Dec 19 is their vpte, at that time he may or may not become president, until then Obama is still president, there is a process and it can go sudeways or not, depending on the electors next week.

    Like

  • PLT
    is a total fraud. He uses $200 million as his starting amount. That is the entire estimated fair market value of the estate of Donald Trump’s father, before estate and inheritance taxes. The Donald only got a fraction of this money because he has several siblings. The exact amount of his inheritance is unknown. It was probably about $20 million.

    Even if it was $40 million, you cannot assume he could have liquidated the entire inheritance and put all the cash into the stock market and reinvested all his dividends for 42 years without touching a cent?
    Why? Because he has to live his life. That means spending money. Paying ex-wives millions in alimony. Providing for each of his children. (The three children each have personal fortunes exceeding $100 million).

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  • WWC

    doesn’t understand the American political system. Even if the electors don’t choose Trump, the vote would go to the US House of Representatives, where the Republican majority would vote for Trump.

    Ha Ha Ha!!

    Like

  • peterlawrencethompson

    @Chad99999
    If you think that the Trumps paid estate and inheritance taxes you are more gullible than I thought. Donald took over the family business in 1974… his father did not die until 1999. I the intervening years Donald not only manipulated his siblings out of the vast majority of the estate, he undoubtedly structured it (or rather his accountants did) to evade inheritance and estate taxes.

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  • PLT

    Donald was one of five children. His father divided his money among all five children. The children of one of Donald’s brothers –the one who died — actually sued to increase their share of the family money.

    Where is the evidence Donald stole any money from his brothers and sisters?

    Why don’t you acknowledge that your fraudulent calculation does not allow for the lifetime of spending The Donald has enjoyed?

    You are definitely not an accountant.

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  • Well Well & Consequences

    Chadster…that is where the 12th Amendment comes in, read my post again, I explicitly cited the 12th Amendment AND the House of Representatives, they go hand in hand, they get to choose the next president, should the kectiral college reject Trump….hopefully it’s not Pence ir Killary. ..and there is alwsys impeachment anytime during the next 4 years as Trump is a walking conflict of interest….an impeachment just waiting to happen..

    In your haste to defend the swamp dweller Trump, you are missing the obvious, although I suspect someone told you, because you did not know about what I posted…ya took to long to answer.

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  • Well Well & Consequences

    As I posted yesterday Chadster..which you took too long to mention.

    Well Well & Consequences December 15, 2016 at 8:05 AM #

    http://ow.ly/oLup3079sBt

    Alvin..stop spreading lies and misinformation, there is the Emolument Clause, the 12th Amendament and House of Representatives and impeachment to deal with Trump, your ugly soul will always cave in to wickedness against your own people.

    Like

  • millertheanunnaki

    @ Chad99999 December 16, 2016 at 11:25 AM
    “Even if the electors don’t choose Trump, the vote would go to the US House of Representatives, where the Republican majority would vote for Trump.”

    You are right there my friend. Trump is the man, come hell or high water. It is written in the stars.

    But Chaddie, you think the man has the guts to start a war, trade or otherwise, with the roaring dragon China or is he just a Trump by name and a trumpeter by action (blowing a lot of hot air)?

    Now should there be a clash of the titans which war horse would you bet Barbados would be backing?

    The one that is the current loan-shark to Bim or the big brother up North which is the home to many sons and daughters in the Diaspora?

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  • Well Well & Consequences

    Trump is just a crook trying to rip off the world, he has had his fill of ripping off Americans and this is his opportunity to spreak his con games, if he succeeds..

    http://www.nydailynews.com/news/politics/obama-action-respond-russian-hacks-article-1.2913026

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  • @Miller
    Now should there be a clash of the titans which war horse would you bet Barbados would be backing
    ++++++++
    This reminds me the late Ronnie Hughes also taught history at my alma mater (not Combermere) and he used to reserve one period a week where we would have a wide raging discussion on Global events. During the height of Soviet/China hostilities which culminated in the Sino/Soviet war the question of China arose, the country was just starting to flex its muscles, it was testing nuclear weapons and had bloodied the Russian bear’s nose over territorial disputes.

    Eventually Nixon went to China and the temperature subsided but Trump is starting to flirt with Taiwan and Beijing is highly displeased. Hughes opined that eventually the US and Russia would team up to go to war against China and given Trump’s bromance with Putin and China’s recent seizing of a US underwater drone one begins to wonder.

    Should we practice “duck and cover”? Nah it won’t happen he tells himself wistfully……

    Like

  • “Trump is the same man who manipulated the tax system to avoid paying taxes, which will now finance him, his wife and children in the White House and pay the secret service to protect him”

    Quite an idiot Bushie quite an idiot by the way if I were idiotic enough to avoid paying taxes Bushie I would the way my taxes are spent

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  • I am totally stunned at some of this conversation, many times I have paid for accomodation out of barbados that I am pretty sure no tax was paid on.I pay taximen and z buses cash with no receipt or meter are all fares reported . Tradesmen and prostitutes alike will happily work for cash. Do all people in the service sector report all their tips. Go to a rent to income area in my home town and you will not be surprised to see beamers and lexus cars parked. So to complain about someone using the system to his advantage to get ahead seems funny when there are many people avoiding the system completey to get ahead. Our primeminister took a paper bag filled with cash as a member of parliament during the airbus scandal pretty funny The problem really isnt that trump used the rules to get ahead its he got too far ahead for some people. But I would rather the people scoffing at the rules be under better scrutiny.

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  • @ charles skeete at 5:13AM
    Boss, it was Artax or one of those bright boys who made that intelligent statement …not stinking Bushie… 🙂

    @ Lawson
    We do not expect you to grasp the nuance of Trump seeking to avoid making a contribution to the upkeep of the society that sustains him. It is the nature of albino-centric thinking that wunna must focus on “GET…GET…GET….”

    Comparing Trump to a taxi driver or prostitute, however, is really carrying a joke a bit far…. although perhaps not in the case of the ho…..

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  • Well Well & Consequences

    Lawson..ya miss the whole point about the thief that is Trump..he refuses to pay anyone for anything and grabs at everything….remember. .”grab them by the pu**y”.

    He believes himself entitled to everything for free, but everyone else must pay him, that’s how his lowlife father raised him after his father Trump’s grandfather was deported from Germany because he ran off to America at age 16, ran away from the war in Germany, when he got wealthy enough to return to Germany, playing slick, he was deported back to the US…Trump et al are people with mental disease handed down from generation to generation…

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  • Well Well & Consequences

    “Our primeminister took a paper bag filled with cash as a member of parliament during the airbus scandal pretty funny “.

    http://ow.ly/80QL307dEpE

    Lawson..please explain which “our” prime minister you mean and that it was not my boyfriend Justin, it was corrupt Mulroney, the one you voted for…just making it clear. .lol he should have gone to prison but did not…Harper is not clean either, bet you voted for him as well, other people took the fall for him and his lackey..

    But you don’t like the clean and honest one ya got.

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  • stay out of that water at worthing that brain eating amoeba wants a meal not a appetizer. Trump is the same as the rest of us just better at it . The difference between him and most people is like that poor woman on jeopardy this week . She passed away before her segment aired but I watched her even knowing that death was at the door she still wouldnt risk betting everything. like most people very conservative not willing to gamble. Trump and others bet it all …crush other peoples dreams and makes others come true but that is life in the private sector..you want to be safe get a govt job. I didnt compare taxi drivers to prostitutes but since you mention it they both make their money screwing tourists the only difference is one is better at dominos

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  • Well Well & Consequences

    http://ow.ly/YHeH307dF7y

    And to make things even worse, Trump cannot spell for shit, totally spelling challenged, he knows what he wants to say but cannot spell it, properly pronounce it or put it in it’s correct context…very yuuge and bigly..lol

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  • Well Well your lover prime minister has his moments. His foot is in his mouth so often

    Like

  • @ Lawson
    Trump is the same as the rest of us just better at it .
    ++++++++++++++++++++++++++++++++++++++++++
    Speak for yourself Boss…
    Not stinking Bushie…who pays his taxes, and who is honoured to contribute to good causes in society for the very selfish reason that he benefited from such contributions during his time.

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  • A righteous Bushy now, I can imagine you going to church and telling the priest what a good boy you were for only having sex with protestant girls what…..give me a break..did you take every deduction you were entitled to or say no I cant take all the govt needs the money , did you always pay at the door at Harrys or get in free for being a regular. Since your in a good mood how about giving back by ponying up the money for that shit gate so the rest of us deplorable s can go swimming or grab a granny.

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  • Well Well & Consequences

    Lol….Lawson’s on a roll.

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  • All yuh on here all day all night discussing a man who has done nothing for blacks and will do nothing for blacks. Waste of time. People getting tired of coming here and reading the same ole, same ole. Me uh got one little gift to go buy for the little girl down the street , even though I don’t believe nor celebrate, she is a nice French kid who I keep 5 evenings every month for her Dad. He is a paramedic and my French has really improved since September.

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  • Well Well & Consequences

    Bajans….Donc soit apporter quelque chose de nouveau sur le blog ou arrêter de lire, le français est doux de parler.

    Like

  • Well Well & Consequences

    Lol, hahaha

    “Three professors of psychiatry call for ‘neuropsychiatric evaluation’ of Trump out of fears he’s mentally ill

    TOM BOGGIONI
    17 DEC 2016 AT 15:21 ET

    In a letter addressed to President Barack Obama, three professors of psychiatry — including one from Harvard Medical School — expressed fears that President-elect Donald Trump’s exhibits signs he may not be mentally fit to assume the presidency.

    In the letter, which can be found at The Huffington Post, Judith Herman, M.D. a professor of psychiatry at Harvard Medical School — along with two professors who taught at the University of California, San Francisco — made the appeal to Obama based upon their “grave concern” after watching Trump’s antics.

    “We are writing to express our grave concern regarding the mental stability of our President-Elect,” the letter reads. “Professional standards do not permit us to venture a diagnosis for a public figure whom we have not evaluated personally.”

    “His widely reported symptoms of mental instability — including grandiosity, impulsivity, hypersensitivity to slights or criticism, and an apparent inability to distinguish between fantasy and reality — lead us to question his fitness for the immense responsibilities of the office,” it continues. “We strongly recommend that, in preparation for assuming these responsibilities, he receive a full medical and neuropsychiatric evaluation by an impartial team of investigators.”

    This is not the first time questions have arisen over Trump’s mental stability as a world leader — or the stability of his followers.

    Prior to the election, the American Psychiatric Association made a plea to members to not associate Trump with mental illness at a distance, with APA President Maria A. Oquendo. writing, “This year, the election seems like anything but a normal contest, that has at times devolved into outright vitriol. The unique atmosphere of this year’s election cycle may lead some to want to psychoanalyze the candidates, but to do so would not only be unethical, it would be irresponsible.”

    Like

  • More trouble brewing in the Congo

    Like

  • Is it worth it what these dictator do -overweight and bags under his eyes indeed.

    Like

  • Well Well & Consequences

    http://ow.ly/MLCT307eoPF

    Another prime example of when their own words return to bite a tweeting politician..lol, haha.

    Like

  • Well Well Trump dillusional? you just had a president for the last 8 years that thought he is a white man the chameleon effect as it were, he did nothing for race relations polarized the US screwed up the middle east etc etc .and when it is all over and done years from now he will be remembered as the second trivial thumb twaddler after millard fillmore for his not wanting to offend anyone Just like they say you can get a grand jury to indict a ham sandwich you can get harvard profs to claim that sandwich had a poor childhood

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  • Well Well & Consequences

    Lawson..ya better be thanking Obama right about now, because of the dangerous state George Bush the dummy and Dick Cheney the thief left the white house 8 years ago, had it not been for Obama cooling tensions worldwide from the hatred they built up, ya would be back in Europe running from the middle east crazies they activated in an attempt to steal oil, so ya better be very thankful.

    Thing is, ya still not out of the woods, when Trump is done with yall, anything north of the border would be sold to the middle east or China, whoever can pay Trump the most or allow him to do business in their country replete with corruption…

    …..you know first hand how much land Canada possesses, north of the border and upstate, ya better be thankful Justin is making friends, that might be the only thing to save yall from Trump, ..that is no joke, watch out for mala suerte.

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  • We have been getting the benefits of living next to a powerhouse for a long time, trump will ask for a better deal and will get it whatever form that takes to show he is accomplishing what he said he would do. . But as justin says when the chips are down and the world around you is out of control and you feel everything is at its bleakest…..take a selfie

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  • Well Well & Consequences

    Remember…it was not Justin brokered that deal, it was Harper did it 5 years ago, so if it goes sideways, dont blame my boyfriend, he just arrived. Obviously the brits dont like the deal..lol

    Anyway, glad to see you have faith in Trump who changes his mind every minute, if Europe does not work out for you, after you run from Canada thanks to Drumpf….there is always Barbados….south coast. Ya can come visit me in Switzerland. .lol

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  • South coast, I better start a round of doxycycline, Your boyfriend is a putz as well as the rest of his crew. Hopefully only four years of this govt.

    Like

  • Well Well & Consequences

    http://ow.ly/KL3Z307hWd3

    The press still on them like white on rice for the next 4 years.

    Like

  • Well Well & Consequences

    http://www.independent.co.uk/news/world/americas/barack-obama-offshore-drilling-permanent-ban-arctic-atlantic-donald-trump-climate-change-a7487886.html

    That’s my boys, just stuck a big spoke in Trump’s wheel, that will be the shits to undo…lol

    Lawson…see why Justin is my dude, he knows how to play the game.

    http://ow.ly/oly6307kO3I

    Time for these idiots to die off, this one is getting senile.

    Like

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