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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (351142)9/19/2007 8:01:01 PM
From: Tenchusatsu  Read Replies (2) of 1576867
 
Chris, if you insist. From a web site that's just as "non-partisan" as "Beyond DeLay" ...

libertylounge.net

Now the deep dark secret to Kennedy. OIL. That’s right, Ted Kennedy and the Kennedy’s have profited in the tens of millions through the oil industry. Kennedy tries to keep this information secret and liberals writing about American oil companies regularly ignore the fact that he owns two oil companies. This comes as a shock since Kennedy is constantly trying to impose taxes on oil companies and attacks their integrity on their means of making money. In fact hasn’t he proposed bills to increase taxes on the oil companies? Yes. But if you actually read the bill he sets clear and distinct standards for smaller companies and larger companies. Guess where he drew the line? That’s right, just above his company so that he could continue to make millions off oil without seeing any hits from his increased tax bill. Now the Kennedy’s including Ted Kennedy have a history setting up trust funds in Fiji and all kinds of crazy means to prevent themselves from paying taxes. I’d have to spend years of my life going over all their tax fraud. But something of note here that might give some a chuckle. In order to prevent paying taxes on their oil business they eventually came up with the brilliant idea to convert the company’s holdings into a “royalty trust.” Why change from corporate status to a royalty trust? Simple… corporations are forced to pay things like corporation taxes. So by changing the name, he essentially saved himself in taxes. They pay no income or corporate taxes, just a flat 15% on capital gains which is far less other oil companies.

Tenchusatsu
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