When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do.
They open investment accounts overseas.
Many of Maryland's wealthiest nonprofits — including the University of Maryland Foundation, the Baltimore Museum of Art, The Associated: Jewish Community Federation of Baltimore and two organizations that support the Naval Academy — maintain accounts in such tax havens as Bermuda, the British Virgin Islands, the Cayman Islands and Ireland.
Also on the list are several Baltimore-area private schools, including Gilman, McDonogh and the Calvert School, according to Internal Revenue Service filings.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Simple, remove their non-profit status.
With the estimated US investments being somewhere in the 11-14 trillion dollars....why not enact a fairer tax program that allows the funds to continue inside the USA and keep the Govts grubby hands outta the pockets of the funds. At least the country would benefit from these investment dollars. Not a hard problem to correct!
While there are some good suggestions.... not one person has the answer. The reason that there is no answer is that this is immoral and should be illegal. All rats flee a sinking ship.
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