Recently, I chastised Senator Levin for his assault on so-called “tax havens,” pointing out that Levin’s agenda would fail to benefit small businesses, but instead “place U.S. corporations at a competitive disadvantage in the international marketplace.” Since then, Cayman Finance has taken issue with the Senator, reinforcing many of the points consistently made by CF&P in response to fallacious attacks on low-tax jurisdictions:
[A]s a sovereign tax jurisdiction, we have the right to set our own rate of tax—just as Ireland and other jurisdictions do—that is all in accordance with the rule of law, and neither we nor these other jurisdictions can properly be accused of thereby undertaking anything “abusive.” The only question is whether those U.S. multinationals are making use of our jurisdiction in accordance with U.S. law which under current U.S. law is categorically the case.
Consider these points: …
- The favoured location for inward investment by Cayman funds is the United States; the preponderant flow of capital is from the Cayman Islandsinto, not out of, the United States.
…[P]laces like the Cayman Islands have in a fully transparent and accountable manner provided a massive source of inward capital flow and taxable income for the U.S.
Thursday, July 22, 2010, CF&P President Opposes Senator Levin’s Latest Attack on So-Called Tax Havens
http://www.freedomandprosperity.org/press/p07-22-10/p07-22-10.shtml
Tuesday, July 27, 2010, An Open Letter to Sen. Carl Levin, by Anthony Travers, O.B.E., Chairman, Cayman Finance
http://www.caymanfinances.com/Cayman-Finance-News/an-open-letter-to-sen-carl-levin.html
CF&P Fact Sheet, Tax Havens: Myth vs. Fact
http://www.freedomandprosperity.org/taxhavens-facts/taxhavens-facts.shtml
