I think everyone ignored my rantings about Kerry trying to shut down my little island.
Kerry received donations from AIG (American Insurance Group) for his campaign as well. AIG is headquartered in Bermuda.
His wife made about a quarter million on some investments in an offshore company recently too.
But, it is a double edge sword for many Americans to criticise Kerry for wanting to shut down tax efficient business centres, such as Bermuda. They are fed figures on how much tax never gets paid to the IRS...figures in the billions of dollars.
Fact is, however, that the US NEEDS places like Bermuda, which is why we continue to thrive here. The reason is simple....profits earned by companies domiciled here earned in the US are taxed in the US. These companies file their returns and pay immediately. Profits earned outside the US are not taxed. It is these potential tax revenues that Kerry wants a piece of. If he is successful, however, those same companies, will be unable to compete in global markets.
After 9/11 this little island basically saved the United States insurance business. Too long to type out why...go research it yourself if interested.
