Democratic Congressman Daniel Goldman of New York, a vocal supporter of income equality, has been revealed to have stashed over $30 million in a tax-free international haven to support his nonprofit, the Richard W. Goldman Foundation.
The foundation has provided charitable efforts on behalf of the disadvantaged for a decade and reported holding $32.2 million in investments within the Cayman Islands, a tax haven for wealthy individuals and corporations.
Goldman is listed as the financial director for the Goldman Foundation, giving him control over how its assets are managed. He has also maintained a position on the foundation’s board of advisors through July 2022, as reported in his disclosures to the House Ethics.
This revelation comes just a week after Goldman issued a statement supporting President Joe Biden’s plan to raise taxes on corporations and wealthy Americans. Goldman stated that “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.”
However, the Democratic Congressman’s actions appear to contradict his words. Tax havens in the Cayman Islands have been a subject of criticism from Democrats for years.
In 2012, they used Mitt Romney’s use of Cayman Island tax havens as a political tool. Elizabeth Warren, in her first run for US Senate, decried a system “rigged” by tax loopholes and offered her support for small-business owners who “bust their tails every day” and don’t stash “their money in the Cayman Islands to avoid paying their fair share in taxes.”
Goldman, an heir to the Levi Strauss company with a net worth estimated between $64 million and $253 million, is the latest example of a wealthy Democrat who talks about tax reform but takes advantage of tax loopholes to reduce his own tax burden.
The hypocrisy is striking and undermines the credibility of Democrats who claim to stand for income equality while using tax havens to avoid paying their fair share