Thursday, November 18, 2010

New York mayor Bloomberg still going offshore

From the Associated Press, via, er, Bloomberg:

"Mayor Michael Bloomberg's money managers invested more than $75 million of his money in offshore tax havens in 2009, according to his philanthropic foundation's latest tax forms, continuing an activity seemingly at odds with his public statements about the economy.

The practice is not uncommon or illegal, but it clashes with Bloomberg's oft-repeated message that New York City and the nation depend on tax revenue to keep government running."

It does indeed clash.


Blogger Robin Smith said...

Could his claim/demand that

tax revenues must be collected to keep the place going

really be because he wants to keep taxation OFF of the things he acquires most of his wealth from?

Unearned incomes from Rental Streams of land assets

That he can avoid the 'earned income' taxes too is a smaller added bonus for him.

Taxes on earned incomes are in the end Protectionism for unearned incomes

1:43 am  

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