According to recently made public financial records, a House Democrat leading the fight against income disparity has more than $30 million stowed away in a tax-free offshore haven to finance his foundation.
The Cayman Islands, a well-known haven for wealthy people and businesses looking to reduce tax obligations, are home to $32.2 million in investments held by the Richard W. Goldman Foundation, which for ten years has supported charity initiatives on behalf of the underprivileged. Democratic New York congressman Daniel Goldman established the group in 2012.
Goldman is listed as the financial director for the Goldman Foundation in documents submitted to the Securities and Exchange Commission, giving him authority over where and how the foundation’s funds are managed. The New York lawmaker’s disclosures to House Ethics reveal that he would continue to serve on the foundation’s board of advisors through July 2022.
President Joe Biden’s proposal to increase taxes on corporations and rich Citizens as part of his annual budget was supported by Rep. Goldman only last week in a statement.
“At a time of record wealth inequality, the wealthiest among us must help to provide more access for others to pursue the American dream that they have benefited so much from. I’m proud to cosponsor the Billionaire Minimum Income Tax as a long-overdue piece of legislation that will level the playing field, incentivize investment in the economy, and expand opportunities for underserved communities.”
2012 saw Democrats focus their criticism of Republican presidential contender Mitt Romney on the Cayman Islands’ tax havens. In her first campaign for the US Senate, Elizabeth Warren criticized a system that was “rigged” by tax breaks and pledged her support for entrepreneurs that “bust their tails every day” and don’t “stash their money in the Cayman Islands to avoid paying their fair share of taxes.”
The estimated net worth of Rep. Goldman, an heir to the Levi Strauss corporation, ranges from $64 million to $253 million.
