MuskogeePhoenix.com, Muskogee, OK

Opinion

July 28, 2013

THE PEOPLE SPEAK — Stop bashing GOP and accept reality

This is in response to Mr. Kesserling’s letter concerning Republicans and his perception of Ugland House in the Cayman Islands.

Ugland House is an office building in George Town, Grand Cayman. Maples and Calder, a leading international law firm advising financial, institutional and business clients around the world, is the sole tenant at Ugland House.

The building has been the subject of highly-charged and unfair comment in press and political circles.

Amongst other things, companies registered at Ugland House have been described as “shells”, owned by individuals to evade tax and take advantage of secrecy laws.

This is not the case and mischaracterises the true purpose of setting up Cayman companies.

The roles of the Cayman Islands and its registered office function are almost identical to the roles of Delaware and Delaware-based registered agents in the United States.

According to Division of Corporations of the State of Delaware: “The State of Delaware is a leading domicile for U.S. and international corporations. More than 850,000 business entities have made Delaware their legal home. More than 50 percent of all publicly-traded companies in the United States including 63 percent of the Fortune 500 have chosen Delaware as their legal home.”

More than 200,000 entities alone have an address at 1209 Orange St., Wilmington, Delaware — almost 10 times the number of registered entities at Ugland House in the Caymans.

Investors and their advisors choose the Cayman Islands for many prudent commercial and business reasons, one of which is tax neutrality, but not tax evasion.

Investors are still responsible for taxes in their home country.

The rest of your numbers I have no idea where they come from.

But let’s look at Social Security.

Mr. Kesserling, you may not want to accept the facts, but the very first president to begin raiding the Social Security fund was a Democrat by the name of John F. Kennedy. History will show you that virtually every Democratic president since has raided Social Security.

Stop already with bashing the Republicans and accept reality.

H.R. FORD

Muskogee

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