GOP Tax-reform Writers Benefited From Offshore Holdings

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A new international report finds Trump cabinet members with massive offshore investments.

President Trump’s inner-circle may be among the biggest beneficiaries of his proposed tax bill that would allow multinational corporations to bring massive offshore holdings back to the mainland at a one-time low-rate.

Several Trump officials — including key writers of the proposed tax reform bill being sped through Congress — have their own investments or were involved in the decision to keep company profits sheltered overseas, according to a report from the Guardian, which was part of an international coalition of journalists who obtained leaked documents called the Paradise Papers.

Among the various advisors and cabinet members in Trump’s administration identified in the reporting are:

  • Trump’s chief economic advisor Gary Cohn, who led Goldman Sachs’ purchase of companies from a financial arm of General Motors based in Bermuda.
  • Secretary of State Rex Tillerson, who led a billion-dollar oil and gas venture in Yemen.
  • Treasury Secretary Steve Mnuchin, whose former employer CIT Bank, where he was deputy chairman, financed off-shore private jets for clients.
  • Housing and Urban Development Secretary Ben Carson, whose biotech company setup offshore firms.

Other tax haven beneficiaries among Trump’s inner-circle included in the report are: U.S. Ambassador to Russia Jon Huntsman, U.S. Ambassador to India Kenneth Juster, former Trump advisor Carl Icahn, Trump’s Inaugural Committee Chairman Tom Barrack, and SEC Chairman Jay Clayton.

The Paradise Papers also revealed Commerce Secretary Wilbur Ross may have failed to disclosed his business ties to Vladimir Putin’s family during his confirmation hearing, according to NBC.

The revelations come as Trump and the Republican administration in Congress try to speed through a tax reform bill that would spare those with billions of dollars in unrepatriated holdings overseas. ThinkProgress previously revealed major corporations have spent, in some cases, millions of dollars lobbying for their own interests and filling the campaign coffers of the very people who crafted the bill.

 

Reprinted with permission from Think Progress