North American Legal Issues
United States tax law (since the 1980s) has made these offshore corporate havens very unattractive to individual citizens. US citizens are statutorily taxed by the U.S. government on their worldwide income, unlike the citizens of many other nations.
- Tax deductions and tax credits are allowed to individual citizens in certain instances for income from foreign sources to avoid double taxation.
The Canada Revenue Agency loses billions each year to the Tax Haven phenomena.
- The US, for many Canadians is used as a tax haven.
- Canada has no taxes on Lottery winnings or any Estate Transfer taxes. These would typically be taxed in most European Tax Havens.
Read more about this topic: Corporate Haven
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“The North American system only wants to consider the positive aspects of reality. Men and women are subjected from childhood to an inexorable process of adaptation; certain principles, contained in brief formulas are endlessly repeated by the press, the radio, the churches, and the schools, and by those kindly, sinister beings, the North American mothers and wives. A person imprisoned by these schemes is like a plant in a flowerpot too small for it: he cannot grow or mature.”
—Octavio Paz (b. 1914)
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—Henry David Thoreau (1817–1862)
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—Frank S. Nugent (1908–1965)
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—Philip K. Howard, U.S. lawyer. The Death of Common Sense: How Law Is Suffocating America, pp. 186-87, Random House (1994)
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—Virginia Woolf (1882–1941)