Former Secretary of State Hillary Clinton (D) and real estate mogul Donald Trump (R) are both participants in a strange tax loophole in Delaware that’s “said to have cost other states more than $9bn in lost taxes over the past decade and led to Delaware to be described as ‘one of the world’s biggest havens for tax avoidance and evasion’”.
“Officially, 1209 North Orange is home to Apple, American Airlines, Coca-Cola, Walmart. … Being registered in Delaware lets companies take advantage of strict corporate secrecy rules, business-friendly courts and the ‘Delaware loophole,’ which can allow companies to legally shift earnings from other states to Delaware, where they are not taxed on non-physical incomes generated outside of the state.”
“Hillary Clinton and Donald Trump — have companies registered at 1209 North Orange, and have refused to explain why.”
A spokesman for Clinton said her holdings there were “an entity to manage her book and speaking income. No federal, state, or local taxes were saved by the Clintons as a result of this structure.”
“Of the 515 companies on Trump’s official Federal Election Commission (FEC) filing, 378 are registered in Delaware, he revealed, after being questioned by the Guardian about why so many of his New York-based companies are incorporated in Delaware.” (The Guardian)