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The Best Tax Incentive In The World

Authored by Simon Black via SovereignMan.com, In a move almost destined to prove that laws and policies have absolutely zero meaning, the European Union released a list of “tax havens” last week… with a massive, giant, highly conspicuous omission. The blacklist contains the names of the usual suspects– Panama, United Arab Emirates, etc., along with […]


Forget The Bogus Republican “Reform”: Here’s What Real Tax Reform Would Look Like

Authored by Charles Hugh Smith via OfTwoMinds blog, The point is to end the current system in which billionaires get all the privileges and financial benefits of owning assets in the U.S. but don't pay taxes that are proportional to the benefits they extract. As has been widely noted, the Republicans' proposed "tax reform" is […]


Class Warfare: People Are Out For Blood

Authored by Simon Black via SovereignMan.com, Roughly two thousand years ago, the government of ancient Rome was facing a serious problem. The tributium capitus, or poll tax, that they had imposed across their provinces was becoming unpopular. And there was among a growing minority of Roman subjects who felt they were being forced to pay […]


Paradise Papers: Massive New Leak Exposes Tax-Haven Secrets, Links Wilbur Ross To Russia

One year after the Panama Papers revealed billions in assets are held in offshore "tax haven" accounts by some of the world's most powerful and wealthy individuals, on Sunday a huge new leak of financial documents disclosed by the International Consortium of Investigative Journalists (ICIJ) – a global network that won the Pulitzer Prize this […]


“The S&P Is Up 21% Since Trump’s Election” And Other Market Anniversary Observations

November 8 will mark the one year anniversary of one of the biggest political shocks in US history: the election of Donald Trump. Since that improbable victory, which so many experts had said would lead to a market crash, the S&P 500 has soared by 21% according to Goldman which calculates that the Trump rally […]


Goldman Sachs Maintains The Most Tax Havens Of Any US Company… By Far

Multinational companies based in the United States are able to avoid paying an estimated $100 billion in federal income tax every year through the use of tax havens. As Statista's Niall McCarthy notes, a recent report from the Institute on Taxation and Economic Policy has found that 366 of America's largest 500 companies maintain 9,755 tax haven […]


Mapping What Every State In America Is Best At

Company towns used to be a defining feature of the American economy. Nowadays, as Raul at HowMuch.net notes, thanks to globalization and offshoring, it is much harder to find employers that exert such influence over a small town (with a few notable exceptions). That being said, specific industries still tend to grow in clusters and can dominate the […]


These U.S. Companies Have The Most Cash Parked Overseas

While many US companies, especially those in the Russell 2000, have seen their stocks surge in recent days on renewed hopes that Trump tax reform may pass in the coming months (Goldman assigned a 65% probability of Trump tax passing), the reality is that for a vast majority of US corporations a tax cut to […]


One-Tenth Of Global GDP Is Now Held In Offshore Tax Havens

Accurately measuring the scope of global wealth inequality is a notoriously difficult undertaking – a fact that was brought to light last year when the International Consortium of Investigative Journalists published the Panama Papers, exposing clients of Panamanian law firm Mossack Fonseca. As the papers revealed, Mossack Fonseca, which is only the world’s fourth-largest provider […]


Catastrophe Bonds Suffer Biggest Crash In History

Lat week, when the eye of Hurricane Irma was still expected to pass over Miami, resulting in potentially unprecedented damages, including dramatic losses to the P&C sector, we reported that “Catastrophe Bond Investors Face Wipe Out As Hurricane Irma Approaches.” This was partially validated by several liquidation trades, the most prominent of which was the […]


How Hedge Funds Are Preparing For This Weekend’s “Catastrophe”

This weekend Hurricane Irma is set to unleash hell over Florida, resulting in devastation and damages worth tens of billions of dollars… and many hedge funds are on the hook ahead of their own coming balance sheet “catastrophe.” On Wednesday we reported that as a result of the imminent destruction to befall Florida, investors in […]


Catastrophe Bond Investors Face Wipe Out As Hurricane Irma Approaches

With Hurricane Irma expected to make landfall in Florida sometime on Sunday according to the latest NHC forecast, investor attention is shifting to Catastrophe Bonds, which at least in some cases already, have lost as much as 50% of value in the past few days. For those unfamiliar, Catastrophe bonds (or CAT bonds) are a […]