In a recent, oh-so edgy post on Gawker, Ken Layne decried the evils of offshore tax havens:
The rich make sure to be extra patriotic on the Fourth, even as they transfer ever bigger chunks of their massive wealth to offshore tax havens.
By the tone of the rest of the post, I'm going to assume that as a young child, Ken was beat up repeatedly by a school bully wearing an American flag t-shirt. It is the only rational explanation for this post.
Be that as it may, I have a newsflash for Ken "I hate fireworks, puppy dogs, and all things American" Layne: The company for which you work uses offshore tax havens:
Gawker is organized like an international money-laundering operation. Much of its international revenues are directed through Hungary, where Denton’s mother hails from, and where some of the firm’s techies are located. But that is only part of it. Recently, Salmon reports, the various Gawker operations—Gawker Media LLC, Gawker Entertainment LLC, Gawker Technology LLC, Gawker Sales LLC—have been restructured to bring them under control of a shell company based in the Cayman Islands, Gawker Media Group Inc.
Why would a relatively small media outfit based in Soho choose to incorporate itself in a Caribbean locale long favored by insider dealers, drug cartels, hedge funds, and other entities with lots of cash they don’t want to advertise? The question virtually answers itself, but for those unversed in the intricacies of international tax avoidance Salmon spells it out: “The result is a company where 130 U.S. employees eat up the lion’s share of the the U.S. revenues, resulting in little if any taxable income, while the international income, the franchise value of the brands, and the value of the technology all stays permanently overseas, untouched by the I.R.S."
I look forward to you quitting your gig at Gawker out of principle. After all, I'm sure you would not want to continue working for an evil, tax-dodging corporation. In the meantime, I'll be drinking beer, grilling things, and setting off fireworks in celebration of the liberty that allowed you to write your smarmy post.