A California Democrat who supports a crackdown on wealthy Americans who avoid tax holds stakes in two funds based in the tax haven of the Cayman Islands.
Rep. Josh Harder, whose district includes the Northern California city of Stockton, owns between $15,000 and $50,000 in BVA Fund IX, part of Bessemer Venture Associates IX LP and between $1,000 and $15,000 in BVA Fund VIII, part of Bessemer Venture Associates VIII LP, Politico reported Wednesday , citing his 2022 financial disclosure form.
Harder’s stance on the Caribbean tax haven, which does not tax corporate profits or capital gains, comes after the 37-year-old called for stricter policies for others.
“Quick Reminder: We should be making it harder for billionaires to cheat on their taxes, not easier,” Harder tweeted Jan 11
The congressman, who took office in 2019, tweeted two years later: “The wealthiest Americans avoid $160 billion in taxes every year. It’s about time they paid their fair share (and cut middle class taxes while we’re at it!).”
Harder’s office told Politico that the former venture capitalist, who is a vice president at Bessemer Venture Associates, is not a hypocrite.
Harder holds interests in two funds based in the tax haven of the Cayman Islands. CQ-Roll Call, Inc. via Getty Images
“He has had no control over funds from his long career and has never and will never take a dime of corporate PAC money,” spokeswoman Jen Fox said. “Josh will continue to lead campaign finance reforms including prohibiting members from trading stocks or accepting corporate PAC money.”
Disclosure forms show that Harder received between $5,000 and $15,000 in “partnership income” from the larger Cayman holdings.
Those accounts represent a relatively small portion of the Democrat’s overall reported wealth, including between $1.4 million and $5.85 million in Charles Schwab investment accounts.
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Other prominent Democrats have faced accusations of hypocrisy for campaigning to make the wealthy pay their “fair share,” including President Biden.
Biden, 81, who regularly rails against “wealthy tax cheats,” and first lady Jill Biden avoided up to $500,000 in Medicare taxes in 2017 and 2018 by funneling $13 million in income through a special corporate entity — sparking GOP calls for him to repay the Treasury Department.
Eldest son Hunter Biden, 53, faces federal charges related to his failure to pay at least $1.4 million in taxes between 2016 and 2019 on foreign income. That income is one of the subjects of the impeachment inquiry due to the fact that Joe Biden met with many of Hunter’s overseas clients, including those from China, Kazakhstan, Mexico, Russia and Ukraine.
California Democrats support crackdown on wealthy Americans who avoid taxes Getty Images
IRS whistleblowers Gary Shapley and Joseph Ziegler last year alleged that the Justice Department covered up to protect Hunter and Joe Biden in the tax investigation.
The environmental spending bill signed by Biden in 2022 includes funds to increase IRS enforcement and adopt a new 15% minimum corporate tax on the global income of American businesses.
Republicans generally support lower taxes – with former President Donald Trump previously dismissing reports that he paid less before taking office, saying during a 2016 debate with Hillary Clinton: “That makes me smart.”
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Source: thtrangdai.edu.vn/en/
