Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: Tenchusatsu who wrote (351144)	9/19/2007 8:51:53 PM
From: tejek	Read Replies (3) of 1576849

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. I don't know if the Kennedys have an oil company......I hardly would believe the word of some rightwingnut blogger who presents his tales without anything to back him up. However, the royalty trust thing is a very common practice among the rich although I don't think its in lieu of a corp. I suspect that's where he keeps his stocks. Why is it that you can complain about this but don't have a problem with Bush giving the rich huge tax cuts?

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