Thursday, March 6, 2008

U.S. Employees Shrink on Cayman Islands

How many U.S. corporate executives and KBR employees can fit into their small offices on the Cayman Islands? The answer is a combined 34,000. Just over 21,000 KBR employees work for their Cayman subsidiaries according to a Boston Globe report. Another 12,748 American corporations are based in just one building on the offshore island.

The companies do it as a tax dodge. KBR doesn't have to pay social security or Medicare taxes on its Cayman Lilliputians. The tiny executives crammed into the Ugland House get to shelter their company's income from Uncle Sam's IRS. Greed creates need and the Cayman's aim to please. Grateful are Dick Cheney and Bush Pioneer Sam Wyly.