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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law > Taxation law
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What's the Matter with Delaware? - How the First State Has Favored the Rich, Powerful, and Criminal-and How It Costs Us All (Hardcover)
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What's the Matter with Delaware? - How the First State Has Favored the Rich, Powerful, and Criminal-and How It Costs Us All (Hardcover)
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How the "First State" has enabled international crime, sheltered
tax dodgers, and diverted hard-earned dollars from the rest of us
The legal home to over a million companies, Delaware has more
registered businesses than residents. Why do virtually all of the
biggest corporations in the United States register there? Why do so
many small companies choose to set up in Delaware rather than their
home states? Why do wealthy individuals form multiple layers of
private companies in the state? This book reveals how a systematic
enterprise lies behind the business-friendly corporate veneer, one
that has kept the state afloat financially by diverting public
funds away from some of the poorest people in the United States and
supporting dictators and criminals across the world. Hal Weitzman
shows how the de facto capital of corporate America has provided
safe haven to money launderers, kleptocratic foreign rulers, and
human traffickers, and facilitated tax dodging and money laundering
by multinational companies and international gangsters. Revenues
from Delaware's business-formation industry, known as the
Franchise, account for two-fifths of the state's budget and have
helped to keep the tax burden on its residents among the lowest in
the United States. Delaware derives enormous political clout from
the Franchise, effectively writing the corporate code for the
entire country-and because of its outsized influence on corporate
America, the second smallest state in the United States also writes
the rules for much of the world. What's the Matter with Delaware?
shows how, in Joe Biden's home state, the corporate laws get
written behind closed doors, enabling the rich and powerful to do
business in the shadows.
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