The rich don't pay taxes, only little people do that.

Buzzflash is reporting a new tax dodge utilized by billionaire hedge fund managers, moving billions through sham re-insurance companies in the Bahamas.  Oddly enough this was first reported by Bloomberg Businessweek (ironically owned by politician plutocrat and defender of the oligarchy Michael Bloomberg).  Here is the substance of this scam.  All they do is send their spare change, billions of it, to their sham re-insurance company they set up in the Bahamas for this purpose.  The re-insurance treats the cash as "reserves" against future claims.  There won't be any claims since the re-insurance company doesn't insure anything.  The cash gets invested in the hedge fund and the money made is not taxable at all in the Bahamas, and not in the US until the "reserve" is closed out, years down the road.  The taxes, when paid, are at the lower capital-gains rate and not as ordinary income.  

Generations of investors have used reinsurance as an investment and tax-avoidance tool, and a decade ago the IRS vowed to clamp down on its abuses, with little today to show and no prosecutions.