Tax Haven Status At Risk From Obama Presidency

BMI believes that the Cayman Island's tax haven status could be revoked if Senator Barack Obama wins the US presidential elections on November 4. In February 2007, during his time as Senator, Obama co-sponsored a bill entitled 'Stop Tax Haven Abuse', which attempted to capture the estimated US$100bn in revenue which was lost because of offshore tax havens, such as the Cayman Islands. More recently, in his presidential campaign Obama states that in order to make the US tax system more efficient he would build on this work by giving the Treasury department the tools to stop abuse of tax shelters.

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