Tag Archives: CarnivalCruiseLine

The US has the highest corporate tax rate in the world

True – if only the big guys paid taxes.

One of the little know facts about the cruise industry is that it pays virtually no U.S. taxes. The cruise lines take advantage of an obscure provision in the U.S. tax code which permits shipping companies to evade taxes by incorporating overseas and flying the flags of foreign countries. That’s why Carnival is incorporated in Panama, Royal Caribbean is incorporated in Liberia, and Princess Cruises is incorporated in Bermuda.