Democrat Rep. Daniel Goldman (D-NY) has been caught with over $30 million in private nonprofit funds stashed in an offshore Cayman Islands tax haven account.
Goldman’s organization reported investments worth $32.2 million that are being held in the Cayman Islands, a popular tax haven for wealthy investors and hedge funds.
The funds are being held on behalf of the Richard W. Goldman Family Foundation.
Goldman, one of the wealthiest members of Congress, founded the charity a decade ago with his two siblings in memory of their father.
The organization’s claimed goal is to “promote equality” and eliminate barriers for the disadvantaged.
The foundation has investments worth $6.1 million and $26.1 million, respectively, in two private funds based in the Cayman Islands.
The funds are being funneled offshore by the U.S. firm BBR Partners LLC, according to the group’s most recent tax filings.
Documents filed with the Securities and Exchange Commission (SEC) show the two funds, BBR Equity Long/Short Ltd. and BBR Absolute Return Ltd., are organized in the Cayman Islands.
SEC documents list Goldman as the financial director for the Goldman Foundation.
As the financial director, Goldman has full control over where and how its assets are managed.
Disclosures to House Ethics by the New York congressman show he has maintained a position on the foundation’s board of advisors through July 2022.
Just last week, Rep. Goldman issued a statement supporting Democrat President Joe Biden’s plan to raise taxes on corporations and wealthy Americans as part of his annual budget.
“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 stated.
“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.”
Goldman is an heir to the Levi Strauss company with a net worth estimated between $64 million and $253 million.
Tax havens in the Cayman Islands became a focal point of Democrats’ attacks against Republican presidential nominee Mitt Romney in 2012.
During her first run for US Senate, Sen. Elizabeth Warren (D-MA) decried a system “rigged” by tax loopholes.
She 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.”