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CRUZ or LOSE!Posted on 04/14/2015 11:50:42 AM PDT by SeekAndFind
Cruz rails against ‘crony capitalism’—and counts a CEO under investigation for unpaid billions in taxes as a mega-donor. Awwwwwkward. Hedge fund CEO Robert Mercer is all in for the conservative Texas Republican Ted Cruz, and the billionaire will have unusually substantial influence in how his contributions get spent.
But the billionaire also has some baggage—like, the avoiding billions in taxes kind of baggage.
His alleged failure to pay those taxes led to substantial congressional scrutiny in 2014—and it’s not clear the investigation is over.
This, and some of Mercer’s side projects, could present interesting challenges for Cruz’s campaign. Especially since Cruz has been a vocal opponent of those who “give favors to Wall Street” and engage in “crony capitalism.”
On the one hand, Mercer’s support is fantastic for Cruz for all the obvious reasons (having a billionaire in your corner is nice). On the other hand, Mercer’s hedge fund—Renaissance Technologies—recently faced an unflattering congressional investigation, the results of which indicated that it used complex and unorthodox financial structures to dramatically lower its tax burden.This drew scorching bipartisan criticism from investigators on the Senate Permanent Subcommittee on Investigations.
“Renaissance profited from this tax treatment by insisting on the fiction that it didn’t really own the stocks it traded—that the banks that Renaissance dealt with, did,” said Sen. John McCain during a hearing on the issue, per Mother Jones. “But, the fact is that Renaissance did all the trading, maintained full control over the account…and reaped all of the profits.”
In his opening statement for that hearing, then-subcommittee chair Sen. Carl Levin, a Michigan Democrat, said that Mercer’s business avoided paying more than $6 billion in taxes between 2000 and 2013.
(Excerpt) Read more at thedailybeast.com ...
If you are paying your legal tax bill, you are not a “tax avoider”.
If Cruz does what he says and shrinks or eliminates IRS, most of these “tax avoidance” schemes become irrelevant. And people can focus their time and talents on something more productive, like creating wealth.
I am a CONSERVATIVE AMERICAN, why would I follow a LIBERAL COMMUNIST?
Good thig HilLIARy and Obama have none of those...!! I am sure they looked, right?
Daily Beast recycling Mother Jones misinformation.
Cattle Futures
And meet obama’s international criminal and anti- American, anti-Christian, anti- Semitic multi- billionaire “sugar daddy” ( no, not Reggie!) — geo Soros. plus his Muslim brotherhood and Arabian islamonazi backers and comrades too
CRUZ or LOSE!Paying so much as $1 in taxes, not required by law, should be a felony punishable with prison time. It is your patriotic duty to pay only taxes you are required to pay and not one dime more.
They find hundreds of millionaire/billionaire people who bought homes and Puerto Rico to avoid capital gains tax. The only one they will report on is a Republican who gave money to Cruz. Got it! Fair reporting as usual.
she’s a fellow fellow!!! don’t that help?
His proposal I think spans the spectrum, but (I think) it would be easier to deploy to individuals. He has focused on that anyway.
The reality is I don’t think he could count on the Senate, assuming the GOP holds, to pass this anyway.
Excellent idea. Spending power would be back in the hands of the people.
Not Guilty
Betsy Woodruff is a Slate staff writer. Slate and Nation Review? One confused young lady.
Apparently not -- You can bet that if they could have found one, they would have used it.
Note that the craven hack who wrote this does not dare use the word “evasion”. She only uses the word “avoidance” which is perfectly legal, regardless of how hard she tries to make it sound nefarious. You know, like the Obamas paying a 20% tax rate by using tax deductions even though they should be in a significantly higher bracket based on income.
A prettier Sandra Fluke, just buy her some condoms and you’ve got a shot.
I’ll take Al Sharpton for a lifetime supply of food stamps, Alex.
Warren Buffet takes all legal options to avoid paying taxes, but it’s OK because he donates the money he saves to Democrats.
LOL, that is a very good question.
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