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
Famous quotes containing the words north american, north, american, legal and/or issues:
“We might hypothetically possess ourselves of every technological resource on the North American continent, but as long as our language is inadequate, our vision remains formless, our thinking and feeling are still running in the old cycles, our process may be “revolutionary” but not transformative.”
—Adrienne Rich (b. 1929)
“The Anglo-Saxon hive have extirpated Paganism from the greater part of the North American continent; but with it they have likewise extirpated the greater portion of the Red race. Civilization is gradually sweeping from the earth the lingering vestiges of Paganism, and at the same time the shrinking forms of its unhappy worshippers.”
—Herman Melville (1819–1891)
“You are, I am sure, aware that genuine popular support in the United States is required to carry out any Government policy, foreign or domestic. The American people make up their own minds and no governmental action can change it.”
—Franklin D. Roosevelt (1882–1945)
“I have spent all my life under a Communist regime, and I will tell you that a society without any objective legal scale is a terrible one indeed. But a society with no other scale but the legal one is not quite worthy of man either.”
—Alexander Solzhenitsyn (b. 1918)
“How to attain sufficient clarity of thought to meet the terrifying issues now facing us, before it is too late, is ... important. Of one thing I feel reasonably sure: we can’t stop to discuss whether the table has or hasn’t legs when the house is burning down over our heads. Nor do the classics per se seem to furnish the kind of education which fits people to cope with a fast-changing civilization.”
—Mary Barnett Gilson (1877–?)