OAN Roy Francis
UPDATED 10:03 AM PT – Wednesday, March 15, 2023
Representative Daniel Goldman’s (D-N.Y.) non-profit organization, the Richard W. Goldman Family Foundation, has reported investments worth more than $32 million organized in the Cayman Islands According to Fox News.
Goldman had founded the organization with his two siblings around a decade ago in memory of their father in order to “promote equality and eliminate barriers for the disadvantaged.”
The organization had investments worth $6.1 and $26.1 million in two private funds by the U.S. firm BBR Partners LLC based in the Cayman Islands as of December 2020 according to tax filings that were reviewed by Fox News. The two funds were BBR Equity Long/Short Ltd. and BBR Absolute Ltd.
Since the Cayman Islands have no personal income taxes, no capital gains taxes, no payroll taxes, no corporate taxes, and doesn’t withhold taxes on foreign scrutiny, the small country serves as a popular tax haven for wealthy Americans.
In addition to the $32.2 million, Goldman’s foundation had also invested another $13 million in funds organized in America managed by the BBR partners. The organization’s overall assets were estimated around $82.2 million in 2020.
As of 2022, the New York lawmaker maintains his position on the foundation’s board of advisors. In the meantime, Goldman has repeatedly called on government tax hikes for the wealthiest Americans since he has taken office early in 2023.
“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,” he said. “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.”
In January he had voted against the GOP legislation which would have restricted the size of the Internal Revenue Service (IRS), taking to Twitter to explain his stance.
“While everyday Americans are struggling to make ends meet, we need to ensure that everybody — especially the wealthy — pays their fair share,” Goldman tweeted.
Goldman is also the heir to the Levi Strauss jean company with a net worth ranging from $64 million to $253 million according to Bloomberg reports. His net worth makes him one of the wealthiest members of Congress and in the top 1% of all American.
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