Robert Mercer, whose spending assisted Donald Trumps election win, use tax refuge of Bermuda to forestall US taxes
Eighteen a few months ago steering Donald Trump to poll win, Steve Bannon gave the opening shot in the ruthless Republican campaign to depict their Democratic opponent as corrupt.
The future White House director strategist created a notebook in May 2015 alleging Hillary Clinton of trading favors for donations to her benevolent foot. Its controversial primary price, on the sale of a uranium firm to Russia, lately became thesubject of a House inquiry and feverish talk on republican media.
But the financial arrangements of another foundation, which bankrolled Bannon’s creation of the book, Clinton Cash, have received less scrutiny.
Leaked documents and freshly attained public filings show how the billionaire Mercer familybuilt a $60 m war chest for republican campaigns inside their family foundation by using an offshore investment vehicle to bypass US tax.
The offshore vehicle was part of a network of businesses in the Atlantic tax haven of Bermuda led by Robert Mercer, the rich hedge-fund exec and Bannon patron whose spend facilitated keep Trump in the White House and aided a revitalization of the Republican right.
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Mercer, 71, emerges as a director of eight Bermuda corporations in the Paradise Papers, a trove of millions of spilt reports on offshore commerce reviewed by the Guardian, the International Consortium of Investigative Reporters and other partners. The files include a emulate of Mercer's US passport and other private data.
Some of the Bermuda corporations appear to have been used to legally avoid a little-known US tax of up to 39% on hundreds of millions of dollars in financing advantages amassed by the Mercer family's foundation, which funded Bannon's book and a who's who of conservative groups, along with a $475 m retirement fund for the staff of Mercer's hedge fund, Renaissance Technologies.
Bill Parish, an Oregon-based investment adviser who has been consulted on the tax by American government sleuths, said:" This is simple but inventive. You make pension plan or groundworks, you endow them in a hedge fund, and even if the cost rises 100%, you can sell off the investments with no imposition repercussions ."