Free Republic

Democrats were pushing for tax reform in 1984, and Lieutenant Governor John F. Kerry, candidate for US Senate, had some ideas. "You need a major overhaul of the tax structure," Kerry told a panel of reporters on a May 6 broadcast of WBZ-TV (Channel 4). "You need to close crazy loopholes that are non-productive." Though he did not share it at the time, Kerry had recently learned a costly lesson about loopholes in the tax code. Weeks before that interview, Kerry, by his own account now, had jettisoned an investment of between $25,000 and $30,000 in an exotic tax shelter...

DEMOCRATIC Presidential front-runner John Kerry says he will introduce legislation to eliminate Bermuda's off-shore "creed of greed" within 500 days of taking office if elected to the White House in November, repatriating profits of "corporate Benedict Arnolds" that relocate to the island to avoid paying US taxes. Sen. Kerry, who now leads the Democratic pack in polls leading up to Tuesday's New Hampshire primary, has made the Bermuda loophole in the US tax code a centrepiece of his resurgent election campaign. In October, Sen. Kerry – whose campaign treasurer is Bob Farmer, US Consul General in Bermuda between 1994 and...