U.S. Tax Shelters Benefiting Europeans, Others

[Maple]

SNIP....

"Tue October 21, 2003 01:56 PM ET
By Donna Smith
WASHINGTON (Reuters) - American taxpayers are subsidizing bridges, subway systems and other infrastructure in Europe and elsewhere through corporate tax shelters that cost the U.S. Treasury billions of dollars, industry experts told a Senate panel on Tuesday.

Testifying before the Senate Finance Committee from behind a screen, a former leasing industry executive described complex transactions that involve companies paying lump sums to foreign towns and cities to lease bridges, dams, subways and other infrastructure.

They then lease the property back to the town or city for the sole purpose of cutting their U.S. tax bill by depreciating the asset. No lease payments are ever made and the town or city is in no danger of losing control of the subway or other asset, he explained."

SNIP..."With his voice distorted, the former leasing industry executive described by the committee only as "Mr. Janet," said the transactions are arranged by some of the biggest financial advisors in Europe and the United States."

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=3658780

[denverbill]

1. Hmm. Leasing industry exec.

God I just know this guy has ties to Bush somehow. Enron, Ken Lay, Carlyle Group.

I guess it's more important to shut down the tax loopholes than to know his identity, but it sure makes me wonder.

[Maple]

2. This one is pretty

convoluted...and they seem to be making an effort to hide the connections and people.