How companies from UK, tax havens, pour cash into US elections
The Guardian has an interesting story entitled How British companies pour cash into the American elections, which starts like this:
More than one in five of Britain's largest corporations are channelling political donations to favoured candidates ahead of next month's elections in the US – though these sums may be only the tip of a new campaign-financing iceberg, according to leading politicians, judges and pro-transparency watchdogs.Although only US citizens (and immigrants with green cards) can contribute to federal politics, the US divisions of foreign companies can form political action committees (PACs) and collect contributions from their American employees. Typically, the PACs are staffed by company lobbyists and distribute campaign contributions in line with the company's lobbying agenda.
I have looked into the data from the Center for Responsive Politics, and the table below outlines the sums involved. British companies are the biggest contributors, wth
Out of US$12.8 million donated in this election cycle, $3.6m come from British companies, followed not too far behind by Swiss companies, with $2.0 million. Various other contributions come from tax havens including Bermuda, the Netherlands, Singapore (if you don't think these jurisdictions are tax havens, then click on the links I provide in the table below). Note that this is not a full picture: this is just foreign PACs. (Just think of e.g. all those Cayman-based hedge funds which are major donors to US politics but aren't on this list.)
Given that the UK is, as I have frequently explained, responsible for about half the world's tax havens, and has many characteristics of a tax haven itself, this means that just for these PACs, $6.6 million - or more than half the total come from what one might call the offshore world.
|Citizens / RBS||135250||105750||29500|