From 100FTSE:
Democratic Congressman Charles Rangel's ethics violations are based upon giving out legislative perks for political donors, as well as failure to pay taxes. The most troubling accusation is the questionable deal that involves London-based drinks manufacturer Diageo (a FTSE100 company) in which the company received billions in tax revenue to move from one unincorporated territory in Puerto Rico, to another one, the Virgin Islands. Taxpayer losses are expected to be a total of $6 billion.100FTSE goes on to say that money from American schools were shifted to assist the well-off firm.
The Judicial Watch, a watch group emphasized that Uncle Sam will end up giving the European alcohol maker almost $3 billion in short taxes and benefits, assist in building a new $165 million rum distillery, let it take 50% of the Virgin Islands' rum-revenue, an almost complete income-tax sweetener and a property tax exclusion.
Rangel's assistance will heavily boost the 100 ftse Diageo's established high profits while cheating the Federal government out of [tax revunue], mainly due to it reducing almost by half the level of taxes the alcohol giant currently pays for every gallon of rum. For a considerable time the rum has been manufactured in Puerto Rico, where [the law] limits the level of tax rebate that can benefit the manufacturers. These rules aren't in place in the Virgin Islands, thus making it a much more attractive place to conduct their business.
It's enough to drive you to drink.
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