Hillary Clinton and Donald Trump are using the same Delaware address as tax havens.
A new investigation conducted by The Guardian revealed that Hillary Clinton and Donald Trump both use the same address in Delaware as a tax haven for their own registered companies.
Tax evasion by the top 1% of the nation (and world) is a huge problem in the U.S. with consequences that affect the majority of citizens. The Panama Papers revealed that many people abroad, including world leaders and celebrities, are involved in the creation of offshore accounts and shell companies that hold undisclosed amounts of money in order to evade taxes. The papers noticeably left out people in the U.S. involved in this shady business, but that doesn’t mean that American citizens don’t have a hand in it as well.
Among states in the U.S. that are popularly used for tax havens are Wyoming, South Dakota, and Nevada, but Delaware is the undisputed leader. In Delaware, a specific address, 1209 N. Orange Street in Wilmington, is home to 285,000 registered corporations that are taking advantage of the state’s loose tax laws.
With Clinton and Trump running as presidential candidates in opposing parties, there aren’t many connections that can be made between the two when it comes to politics and their platforms. One thing they do have in common is the big money they earn and how they keep as much of it as possible.
The Guardian did some investigating recently into the nondescript Delaware building on Orange Street and found that the Clintons and Trump have corporations registered at the address.
Hillary Clinton herself registered an LLC called ZFS Holdings a mere 8 days before the end of her career as Secretary of State in 2013 and it’s confirmed that $16 million that she made in speaking fees in 2014 was sent through ZFS Holdings. Bill Clinton also registered a corporation called WJC, LLC to hold his speaking fees.
Meanwhile, Donald Trump uses the same Orange Street address for Trump International Management Corporation and 40 Wall Street Corporation. The extent of the money Trump has housed in the state is immeasurable, but it’s reported that he has 378 corporations registered throughout the tax haven-friendly state.
The loophole that these millionaires and billionaires are taking advantage of is referred to as the “Delaware loophole” that allows for corporations to evade taxes. The loophole states that a corporation can shift earnings from another state to Delaware, and since Delaware doesn’t tax intangible assets from other states, the “corporations” get by without paying any taxes.
Though it’s not surprising that Trump would be involved in this tax evasion, it is shocking that Clinton is because of her statements regarding such tax evasion and loopholes. With comments like, “You should pay what you owe, just like everybody else,” and “I’ll close corporate tax loopholes and make sure millionaires and billionaires can’t pay lower rates than middle-class families.”
A rate of 0% does seem to be lower than the rates for middle-class families though…
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