Tax exempt in Cayman Islands?

Question

How are all of the billionaire's able to put there money overseas (legally) and avode paying taxes. Dont tell me that they do pay taxes because the kennedy's dont pay taxes and they have never been convicted of tax fraud. Please help.

Answer 1

Do you have some sources to cite when you state that the Kennedy's don't pay any taxes?  I doubt it.  There are completely legal ways to minimize the taxes you have to pay.

I think it's doubtful that anyone that would post such a naive question as this would have enough money to open a Cayman account. Spend a few years working hard and paying tazes like a good citizen -- maybe one day you'll have enough money to invest in Cayman.

Answer 2

you dont have to pay taxes in foreign banks.

Answer 3

It sounds like you have some kind of idea that is going to land you in federal prison.

Answer 4

I'd guess that the Kennedy's would be real surprised to hear that they don't pay taxes, and would wonder just where all that money had been going that they have paid.

Answer 5

....and you have proof that the Kennedy's don't pay taxes?  

Somehow, I doubt that statement is true.

US Citizens and residents are subject to income taxes on worldwide income regardless of who they are.