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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGlobal Shipping Business Tied to Mitch McConnell, Secretary Elaine Chao Shrouded in Offshore Tax Hav
Haven #ParadisePapers
Global Shipping Business Tied to Mitch McConnell, Secretary Elaine Chao Shrouded in Offshore Tax Haven
n June 6, 2016, Majority Leader Mitch McConnell joined his wife, Elaine Chao, now the U.S. secretary of transportation, at a ceremony on the Harvard Business School campus to dedicate a new building emblazoned with the Chao family name. Funded by a $40 million gift from the Chao family and its foundation, the building would serve as a new hub for Harvards Executive Education program. But the familys generosity appears to have come at the expense of taxpayers the money, it turns out, would already have been in the public treasury had it not been sheltered from the government in complex offshore tax havens.
Over a period of five years, millions of dollars were quietly funneled to a Chao family foundation via two offshore firms that list a New York address but are not incorporated anywhere in the United States. Two entities with the same names, however, are incorporated in the Marshall Islands, known as one of the worlds most secretive offshore havens for firms seeking to avoid taxes and a preferred foreign locale for the Foremost Group, the Chao familys New York-based shipping business. The Foremost Group and a spokesperson for the Department of Transportation declined to comment on where the two donating firms are incorporated.
Chao, notably, has been a key voice in promoting the Trump administration economic policies, including the historic rewrite of the tax code a legislative accomplishment that is likely the pinnacle of McConnells congressional career. The reform shifted the corporate tax code to a territorial system, a move highly expected to reward firms that funnel earnings through offshore tax havens, such as the Cayman Islands or the Marshall Islands. Speaking at the Davos World Economic Forums annual meeting in January, Chao called Trumps America first policies the affirmation of American exceptionalism. Critics, she noted, who dont want to listen to him can leave.
The connection between the offshore accounts and the donation to the Chao family foundation were found through a search of the Paradise Papers a trove of more than 13 million leaked documents from tax havens around the world obtained by German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with reporting partners around the world.
More: https://theintercept.com/2018/02/05/mitch-mcconnell-elaine-chao-offshore-paradise-papers/?utm_content=buffered375&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
n June 6, 2016, Majority Leader Mitch McConnell joined his wife, Elaine Chao, now the U.S. secretary of transportation, at a ceremony on the Harvard Business School campus to dedicate a new building emblazoned with the Chao family name. Funded by a $40 million gift from the Chao family and its foundation, the building would serve as a new hub for Harvards Executive Education program. But the familys generosity appears to have come at the expense of taxpayers the money, it turns out, would already have been in the public treasury had it not been sheltered from the government in complex offshore tax havens.
Over a period of five years, millions of dollars were quietly funneled to a Chao family foundation via two offshore firms that list a New York address but are not incorporated anywhere in the United States. Two entities with the same names, however, are incorporated in the Marshall Islands, known as one of the worlds most secretive offshore havens for firms seeking to avoid taxes and a preferred foreign locale for the Foremost Group, the Chao familys New York-based shipping business. The Foremost Group and a spokesperson for the Department of Transportation declined to comment on where the two donating firms are incorporated.
Chao, notably, has been a key voice in promoting the Trump administration economic policies, including the historic rewrite of the tax code a legislative accomplishment that is likely the pinnacle of McConnells congressional career. The reform shifted the corporate tax code to a territorial system, a move highly expected to reward firms that funnel earnings through offshore tax havens, such as the Cayman Islands or the Marshall Islands. Speaking at the Davos World Economic Forums annual meeting in January, Chao called Trumps America first policies the affirmation of American exceptionalism. Critics, she noted, who dont want to listen to him can leave.
The connection between the offshore accounts and the donation to the Chao family foundation were found through a search of the Paradise Papers a trove of more than 13 million leaked documents from tax havens around the world obtained by German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with reporting partners around the world.
More: https://theintercept.com/2018/02/05/mitch-mcconnell-elaine-chao-offshore-paradise-papers/?utm_content=buffered375&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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Global Shipping Business Tied to Mitch McConnell, Secretary Elaine Chao Shrouded in Offshore Tax Hav (Original Post)
MelissaB
Feb 2018
OP
Ignore it-- the international shipping business is deliberately shrouded in mystery...
TreasonousBastard
Feb 2018
#2
MelissaB
(16,420 posts)1. This is from The Intercept. Should I keep it or delete?
TreasonousBastard
(43,049 posts)2. Ignore it-- the international shipping business is deliberately shrouded in mystery...
thanks to tax, labor and customs law around the world.
Anyway, Chao himself is not at all secretive: https://en.wikipedia.org/wiki/James_S._C._Chao
Wellstone ruled
(34,661 posts)3. So many conflicts of interest
with Chao/McConnell. This is another one of the Greatest Thefts taking place via Trump GOP players.
Do not forget,Chao Family ties received the inner Coastal Waters Shipping Agreement with out a bid.
BSdetect
(8,998 posts)4. She was also on the board of a health insurance company when he voted against various bills that
favored her company by failing.
gibraltar72
(7,503 posts)5. And smuggling drugs.