Now, do you both agree that if a mutual fund bought and sold commodity futures or a commodity swap--in other words, if a mutual fund made a direct investment in commodities, the in...
it is our joint intent that even though there may not be consensus on the effect of speculation, that there is consensus that our laws are i...
For 10 years now, this Subcommittee has focused attention on the problem of excessive speculation in the commodity markets.
The reason that these are set up in these offshore locations is so that they can avoid that impact of that section of the Tax Code.
I think your statement here today is very important and hopefully will be relied upon and counted on as being factually accurate.
the moratorium on these letters which they have sent, which gives the green light to specific mutual funds to proceed in this area, runs rig...
They want to have their cake, which is investing in commodities, and eat it, too, by not paying what the tax would be if they did that direc...
That runs inconsistent with your effort to pierce those shell corporations.
That proves that tax avoidance is their purpose, which is exactly our point.
I would argue that we should have the debate that you have put on the table.
So a Cayman corporation is not subject to U.S. tax or any other corporate income tax, so they can accumulate and invest money more quickly t...