US Crackdown On Tax Draws Opposition From Butterfield Advisors

The US government is to crack down on a controversial tax avoidance scheme believed to be worth hundreds of millions of dollars a year to US and foreign financial groups.

The move by the Internal Revenue Service, the US tax agency, could force big groups such as Carlton Hedges & Associates and Wachovia, the fourth-biggest US bank, to forgo substantial tax savings and hit the investment banks and law firms that create these complex structures, including Butterfield Advisors of New York and Barclays Capital of the UK.

Butterfield Advisors spokes person, Cindy Bowers, said that “The US government is trying to manipulate the corporations out of their profits to fulfill their budget requirements that are spirralling out of control because of issues such as the Iraq and Afghanastan war” she went on further to say that “The present economic state of the US dollar, against other worldwide currencies, does not allow the government the flexibilty to continue with its current schedule.” She further commented “As a result of this action it may force many of our global corporations to move their financial centres to other area’s of the world which offer offshore facilities, such as Hong Kong.”
Butterfield Advisors is an integrated financial services company specializing in investment advice and asset management for private clients, institutional investors and corporations.

Butterfield Advisors are Registered Investment Advisors with over US $2 billion of funds under management. Established in 1983, Butterfield Advisors, provide investment advice and asset management for both Corporate and Private Clients.
Butterfield Advisors specialize in asset management of individual portfolios, pension and profit-sharing plans, endowment accounts, and in all aspects of corporate finance. We provide research, corporate broking and corporate finance advice to smaller quoted companies and we have strong research and corporate finance expertise

Butterfield Advisors provide comprehensive wealth and tax advisory services to high net worth individuals, corporations, and select endowments. We specialise in asset management.

Cindy Bowers
Butterfield Advisors
49 Park Avenue,
New York
10016
USA
Tel: +1 (646) 810 8625
Fax: + 1 (646) 607 2146
Email: info@butterfieldadvisors.com

This release was published on openPR.