How good is a 200 per cent return! That’s what Caymans company, Eastern Australia Irrigation, made from Australian water and cotton farms. Michael West reports on the eye-raising accounting issues and fishy water valuations of its Australian subsidiary Eastern Australian Agriculture – which appear to have turbo-charged returns for unknown investors in the Caribbean.
Farmer and former Liberal Party senator Bill Heffernan warned against taxpayer money being used to purchase overflow land (OFL) water licences that involve floodwaters, or water that is “in the clouds”. He variously described these deals as: a fairy tale, a con job and cooking the books.
Unfortunately, Bill’s trifecta of warning have gone unheeded by his political party. In August 2017, $80 million was given to Eastern Australia Agriculture (EAA) for the acquisition of two OFL water licences at properties at Clyde and Kia Ora - A 200pc return from water? Nice work if you can get it!.
If no one is around to root out offshore accounts, tax cheats won’t be punished.
The hot policy in Democratic circles these days is raising taxes on the rich. Senator Elizabeth Warren has a plan to tax “ultramillionaires,” as she calls them. Senator Bernie Sanders wants to expand the estate tax. Representative Alexandria Ocasio-Cortez has floated raising the top income tax rate to 70 percent for those making over $10 million a year.
Bridget J. Crawford (Pace), Less Trust Means More Trusts, 75 Wash. & Lee L. Rev. Online 74 (2019):
The word “trust” has multiple meanings. In everyday speech, it refers to a feeling of confidence associated with integrity, such as trusting that a friend will keep a secret. In the financial context, some law students, lawyers and lucky individuals also understand that a trust is a near-magical device that splits legal and equitable title. A trustee holds formal legal title to property for the benefit of a beneficiary simply because the grantor declares it to be so. By turning the spotlight on “trust,” in both senses of the world, one can discern fault lines in contemporary U.S. political and legal structures. These are made even plainer when examined through the lens of ongoing litigation involving human embryos created by actress Sofia Vergara and her former fiancé
How a lawyer with deep connections to Democratic politicians in New Jersey helped to dole out hundreds of millions of dollars in state tax credits.
Tax had the #2 position at yesterday's Kentucky Derby and finished 14th. The horse issponsored by Dean Dorton, a full-service accounting, technology and consulting firm.
