A California Democrat who advocates cracking down on wealthy Americans who evade taxes has a stake 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 its 2022 financial disclosure forms.
Harder’s holdings in the Caribbean tax shelter, which does not tax corporate profits or capital gains, emerged after the 37-year-old called for stricter policies for others.
“Quick reminder: We should make it harder, not easier, for billionaires to cheat on their taxes,” Harder tweeted January 11.
The congressman, who took office in 2019, tweeted two years later: “The richest Americans avoid $160 billion in taxes each year. It’s time for them to pay their fair share (and cut taxes on the middle class while we’re at it!).”
Harder’s office told Politico that the former venture capitalist, who was vice president of Bessemer Venture Associates, is not a hypocrite.
Harder owns a stake in two funds based in the tax haven of the Cayman Islands. CQ-Roll Call, Inc via Getty Images
“He has no control over his former race funds and has never and will never accept a dime of corporate PAC money,” said spokeswoman Jen Fox. “Josh will continue to be a leader for campaign finance reform, including banning members to trade stocks or accept corporate PAC money.
Disclosure forms indicate Harder received between $5,000 and $15,000 in “partnership income” from Cayman’s largest holding company.
The accounts represent a relatively small portion of the Democrat’s overall reported wealth, which included 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 for the rich to pay their “fair share,” including President Biden.
Biden, 81, who regularly criticizes the “tax-dodging rich,” and first lady Jill Biden avoided up to $500,000 in Medicare taxes in 2017 and 2018 by diverting $13 million in revenue through special corporate entities, which sparked calls from the Republican Party to reimburse the Treasury. Department.
First 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. Those profits are one of the subjects of an impeachment inquiry due to the fact that Joe Biden met with many of Hunter’s foreign backers, including those from China, Kazakhstan, Mexico, Russia and Ukraine.
California Democrat advocates cracking down on wealthy Americans who evade taxes Getty Images
IRS whistleblowers Gary Shapley and Joseph Ziegler last year alleged a cover-up by the Justice Department to protect Hunter and Joe Biden in the tax investigation.
An environmental spending bill signed by Biden in 2022 included funds to boost IRS enforcement and adopted a new minimum 15% corporate tax on the global profits of U.S. companies.
Republicans generally advocate for lower taxes; Former President Donald Trump previously dismissed reports that he paid shortly before taking office, saying during a 2016 debate with Hillary Clinton: “That makes me smart.”
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Source: vtt.edu.vn