New York, NY – Bloomberg Has $290 Million In Offshore Accounts

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    New York, NY – Mayor Bloomberg repeatedly pointed out that taxing rich people isn’t great because then rich people might move out of NYC and not contribute to the city’s revenue. So maybe it shouldn’t be that big a surprise that he may have just under $300 million in off-shore accounts.

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    According to an extensive review of the mayor’s financial records by The Observer, even as Mr. Bloomberg was trying to counter the loss of taxes and other income from the richest New Yorkers, the foundation he controls was in the process of shuttling hundreds of millions of dollars out of the city and into controversial offshore tax havens that would produce nothing at all for the city in terms of tax revenue.

    By the end of 2008, the Bloomberg Family Foundation had transferred almost $300 million into various offshore destinations—some of them notorious tax-dodge hideouts.

    The Caymans and Cyprus. Bermuda and Brazil. Even Mauritius, a speck of an island in the Indian Ocean, off the coast of Madagascar. Other investments were spread around disparate locations, from Japan to Luxembourg to Romania.

    The Observer also notes that while Bloomberg has donated $1.8 billion to his foundation, about $67 million was donated in 2007 and 2008 and “No grants went to organizations directly benefiting New York City.” This could get tricky if he decides to run in 2012!


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    13 Comments
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    Anonymous
    Anonymous
    13 years ago

    So what’s the chidush that he’s a liberal that loves to spend someone else money?

    Anonymous
    Anonymous
    13 years ago

    Its his $ not mine. he could do with it what ever he wants.live & let live.

    Anonymous
    Anonymous
    13 years ago

    Ticket him. Fine him. Charge him. Asses him. Sales tax him. Toll him. Just like the regular hard working New Yorker.

    aviva
    aviva
    13 years ago

    Isn’t it interesting how it seems like every time someone doesn’t fully agree and toe to the current administration’s party line a “negative” news article suddenly comes out about that person? And I’m not particularly a fan of Bloomberg but the pattern seems obvious and problematic.

    Anonymous
    Anonymous
    13 years ago

    The article writer appears to be ignorant of tax exempt investment activities. This is a legal tax gimmick that is forced upon tax exempt entities by quirks in the tax laws. The tax laws illogically make it impracticable for a charity to invest directly in an otherwise suitable investment but allows the charity to make that investment if it does so indirectly through, say, a Cayman entity. The managers of the charity would then be in violation of their legal obligation to the charity if they make that investment other than through a Cayman entity.

    Anonymous
    Anonymous
    13 years ago

    if he feels a fine of over 100 dollars is fair for a person earning $400 per week. What would the appropriate fine be for this monster??

    Anonymous
    Anonymous
    13 years ago

    Of course he doesent know or understand the pain of all these tickets and added taxes!!!!

    elchonon
    elchonon
    13 years ago

    Move out of nyc, of course there’s high tickets bc half the city is on welfare

    Anonymous
    Anonymous
    13 years ago

    The writer is an Am Haaretz when it comes to tax law. THe offshore accounts are all reported under FBAR reporting rules. THey are not meant to hide income. They are using offshore companies as “blockers” so the income they earn from their investments is not subject to the hated Unrelated Business INcome Tax (ubit). Tax exempts become subject to the full tax if they invest in operating pass through companies or real estate activities with mortgages. If they do so through blockers, they avoid the tax. SImple investing wisely.
    As for rich people leaving NYC and NYS, yes, thats happening now with a combined rate of over 14%. If youre rich enough, you have a place in FLa anyway and you can afford to travel so just stay away from NYC more than 183 days and avoid the 4%. Avoid NYS too and save 14%. Thats enough to pay for the house in Fla. on a multi million a year income.
    NYC will be left with the poor shmucks who suck up our resources. The death spiral begins. Look at Detroit, Philly, DC. Soon NYC.

    Anonymous
    Anonymous
    13 years ago

    Is he on UBS’ list of clients?

    yupta
    yupta
    13 years ago

    so hes a billionaire….300M offshore, 700M on shore