(CMR) A US Congressman who has repeatedly called on the US government to increase taxes for the wealthiest Americans reportedly has over $32 million invested in the Cayman Islands.
Congressman Daniel Goldman's non-profit organization has reported investments worth upwards of $32 million in private funds organized in the Cayman Islands.
The Richard W. Goldman Family Foundation had investments worth $6.1 million and $26.1 million, respectively, in two private funds based in the Cayman Islands by the U.S. firm BBR Partners LLC., as of December 2020, Fox News reported.
According to the report, Goldman has repeatedly called on the government to hike taxes for the wealthiest Americans since taking office earlier this year, while his charity has this money in a “tax haven.”
“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,” Goldman reportedly said in a statement last week.
Fox News said the Cayman Islands serve as a popular tax haven for wealthy Americans because there are no personal income taxes, no capital gains taxes, no payroll taxes, no corporate taxes, and it doesn't withhold taxes on foreign entities.
“The scheme, which has faced scrutiny from US lawmakers for years, ultimately allows investments from groups like Goldman's non-profit to avoid paying federal taxes that would otherwise be owed,” the report added.
In addition to the $32.2 million invested overseas, Goldman's foundation invested another $13 million in funds managed by BBR Partners, but organized in America. Overall, the non-profit reported assets worth $82.2 million in 2020.
Goldman, who is a new congressman and member of the powerful House Oversight Committee, served as secretary and treasurer of the foundation, giving him direct oversight of its finances.
The New York lawmaker's most recent financial disclosure filed with the House of Representatives Clerk showed that he has maintained his position on the foundation's board of advisors as of July 2022.