est. 2007

Barbados Underground

Bringing News and Opinions to the People

Barbados Ranked as One of the Worst Tax Havens

This 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…

, ,

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 responses to “Barbados Ranked as One of the Worst Tax Havens”

  1. peterlawrencethompson Avatar
    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.

  2. Violet C Beckles Avatar
    Violet C Beckles

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

  3. NorthernObserver Avatar
    NorthernObserver

    “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.

  4. Well Well & Consequences Avatar
    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.

  5. Exclaimer Avatar
    Exclaimer

    “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/

  6. Well Well & Consequences Avatar
    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.

  7. Artax Avatar
    Artax

    “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).

  8. Artax Avatar
    Artax

    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.

  9. Alvin Cummins Avatar
    Alvin Cummins

    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/

  10. Well Well & Consequences Avatar
    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.

  11. Gabriel Avatar
    Gabriel

    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.

  12. chad99999 Avatar
    chad99999

    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.

  13. Vincent Haynes Avatar
    Vincent Haynes

    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.

  14. millertheanunnaki Avatar
    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.

  15. Well Well & Consequences Avatar
    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.

  16. Well Well & Consequences Avatar
    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.

  17. Well Well & Consequences Avatar
    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.

  18. Well Well & Consequences Avatar
    Well Well & Consequences

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

  19. Sargeant Avatar
    Sargeant

    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.

  20. Bush Tea Avatar
    Bush Tea

    @ 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….

  21. millertheanunnaki Avatar
    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.

  22. Hants Avatar
    Hants

    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.

  23. millertheanunnaki Avatar
    millertheanunnaki

    @ 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?

  24. Hants Avatar
    Hants

    @ millertheanunnaki,

    Oh Canada…….

    http://news.gc.ca/web/article-en.do?nid=1092399

  25. NorthCoastBather - The Gazer Avatar
    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,

  26. NorthCoastBather - The Gazer Avatar
    NorthCoastBather – The Gazer

    *and they strike a pose on the beach

  27. NorthCoastBather - The Gazer Avatar
    NorthCoastBather – The Gazer

    ^oops wrong post

  28. Vincent Haynes Avatar
    Vincent Haynes

    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.

  29. Well Well & Consequences Avatar
    Well Well & Consequences

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

  30. peterlawrencethompson Avatar
    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.

  31. Bush Tea Avatar
    Bush Tea

    @ 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.

  32. Exclaimer Avatar
    Exclaimer

    @ 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.

  33. peterlawrencethompson Avatar
    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.

  34. chad99999 Avatar
    chad99999

    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.

  35. atomtrident Avatar
    atomtrident

    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….

  36. peterlawrencethompson Avatar
    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.

  37. Pachamama Avatar
    Pachamama

    @ 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!

  38. Kevin Avatar
    Kevin

    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.

  39. Gabriel Avatar
    Gabriel

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

  40. peterlawrencethompson Avatar
    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.)

  41. chad99999 Avatar
    chad99999

    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.

  42. chad99999 Avatar
    chad99999

    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.

  43. Bush Tea Avatar
    Bush Tea

    @ 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?

  44. chad99999 Avatar
    chad99999

    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.

  45. David Avatar
    David

    @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

  46. Bush Tea Avatar
    Bush Tea

    @ 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

  47. Well Well & Consequences Avatar
    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.

  48. chad99999 Avatar
    chad99999

    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.

  49. Sargeant Avatar
    Sargeant

    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

  50. peterlawrencethompson Avatar
    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

1 2
Newer Comments

The blogmaster invites you to join the discussion.

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading