|Shell companies in Cayman Islands allow KBR to skirt US tax
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|Author:||lefty [ Thu Mar 06, 2008 11:53 pm ]|
|Post subject:||Shell companies in Cayman Islands allow KBR to skirt US tax|
Top Iraq contractor skirts US taxes offshore
Shell companies in Cayman Islands allow KBR to avoid Medicare, Social Security deductions
By Farah Stockman
Globe Staff / March 6, 2008
CAYMAN ISLANDS - Kellogg Brown & Root, the nation's top Iraq war contractor and until last year a subsidiary of Halliburton Corp., has avoided paying hundreds of millions of dollars in federal Medicare and Social Security taxes by hiring workers through shell companies based in this tropical tax haven.
When Texas pipe-fitter Danny Langford applied for unemployment compensation after being let go by Service Employers International Inc., he was rejected, he was told, because he worked for a foreign company.
LEFT IN THE LURCH
More than 21,000 people working for KBR in Iraq - including about 10,500 Americans - are listed as employees of two companies that exist in a computer file on the fourth floor of a building on a palm-studded boulevard here in the Caribbean. Neither company has an office or phone number in the Cayman Islands.
The Defense Department has known since at least 2004 that KBR was avoiding taxes by declaring its American workers as employees of Cayman Islands shell companies, and officials said the move allowed KBR to perform the work more cheaply, saving Defense dollars.
But the use of the loophole results in a significantly greater loss of revenue to the government as a whole, particularly to the Social Security and Medicare trust funds. And the creation of shell companies in places such as the Cayman Islands to avoid taxes has long been attacked by members of Congress...
More at the link.
http://www.boston.com/news/world/articl ... _offshore/
|Author:||Purple Tang [ Fri Mar 07, 2008 2:20 am ]|
Looks to be part of the plan to bankrupt America.
|Author:||TUTUTKAMEN [ Fri Mar 07, 2008 2:52 am ]|
I used to be a pipe fitter in Corpus Christi. in between assignments for Hughes Tool.
|Author:||Purple Tang [ Fri Mar 07, 2008 3:01 am ]|
Did Hughes become Raytheon?
There were four divisions to Hughes in the 80's.
|Author:||TUTUTKAMEN [ Fri Mar 07, 2008 2:15 pm ]|
I worked for Hughes in the 70's. As I remember after that they broke down into Hughes Tool [drilling bits] BJ Hughes [oil well cementing] Hughes Aircraft [primarily helicopters] and Hughes Rubber [ down hole tools]. I was assigned to all divisions at one time or another and contracted out to other oil service companies depending on needs. Primary employer remained Hughes Tool International which now has become Baker Hughes International.
I do not know much about business I was a field agent.
Raytheon is a separate entity. My ' father' [supposed] was a weapons designer for Raytheon.
|Author:||Channel Zero [ Sun May 04, 2008 3:33 am ]|
My definition of KBR:
Contractors Gone Wild
News: Theft, hookers, melting down Iraqi gold to make cowboy spurs—all in a day's work for private military contractors in Iraq?
By Bruce Falconer | May 2, 2008
Allegations of widespread mismanagement and corruption among private contractors in Iraq are nothing new; if anything, tales of cronyism, over-billing, and embezzlement have become so frequent that our national tolerance for them seems only to have increased as the Iraq War has drawn on. Even so, the testimony earlier this week of three whistleblowers before the Senate's Democratic Policy Committee (DPC) stands out for the sheer outrageousness of their accusations—namely that U.S. private contractors looted Iraqi palaces and ministries, stole military equipment, fenced supplies destined for U.S. troops, and even operated a prostitution ring that may have contributed to the death of fellow contractor. Yet despite its focus on such salacious matters as sex and corruption, the session earned little media attention.
What price victory?
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