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 ...
I’m guessing Betsy has a woody for Hillary.
Hey you left-wing slut Betsy Woodruf. Where are the “Meet Hillary’s Tax-Dodging Sugar Daddies” stories? Hmmm? There are hundreds of people who fit that bill. Where are the stories? Hmmm?
We know two things about the Left. 1) The thing they accuse others of is what they do. 2) They save the most vitriol for those who scare them.
I feel a cry-baby-tear welling up in my eye. Sniff.
Since I have a feeling this thread is going to be big, I’ll start.
I’ll take who is GE and who is Berkshire Hathaway for 10, Alex.
Wow, that was fast. And it’s now 7 years later and we have absolutely no idea how Obama paid for his Ivy League education and law school. Yep, the 4th estate continues to do its job if it involves a Republican.
Betsy Woodruff is a William F. Buckley Fellow at the National Review Institute. You can follow her on Twitter @woodruffbets.
Of course, if it were against the tax code, he couldn’t be doing it...right?
Yet... the NYT ran a piece on him and nothing about what this Hillary acolyte is claiming.
And the source is ... John McCain as cited in Mother Jones.
Now that’s some credibility there.
Remember, when google and facebook use the exact same methods to avoid taxes through complex international banking structures, it is okay, because they support the democrats. Google double dutch banking and google taxes and you will see every liberal billionaire represented in the search results.
I’m guessing she’s equally disapproving of tax criminals Buffett and Sharpton.
The system is what it is. Companies would be foolish not to take full advantage of it, which they do every day.
Ted can’t be held accountable for a doner’s tax avoidance strategy. But he would be wise to say he’ll fix this so the guy can’t do it anymore.
If Renaissance is a mutual fund, they simply pass the gains through to the investors...it is not a “fiction”.
Could they have found a more un-flattering picture of Cruz?
TED CRUZ ON TAX REFORM
ADOPT A SINGLE-RATE TAX SYSTEM.
Ted Cruz signed the Contract from America.
Contract from America, clause 4. Enact Fundamental Tax Reform: “Adopt a simple and fair single-rate tax system by scrapping the internal revenue code and replacing it with on that is no longer than 4,543 words —the length of the original Constitution.”
(source: The Contract from America, 7/8/2010.
REPEAL TAX HIKES IN CAPITAL GAINS AND DEATH TAX.
Cruz signed the Taxpayer Protection Pledge against raising taxes:
“I pledge to the taxpayers of my district and to the American people that I will: ONE, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.”
OPPOSES INCREASING TAX RATES: Cruz supports the CC Voters Guide question on the inheritance tax. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: “Permanent elimination of the “Death Tax.”
(source: Christian Coalition Voter Guide (10/31/2012)
SUPPORTS ELIMINATING THE INHERITANCE TAX.
Cruz supports the CC Voters Guide question on the inheritance tax . The Christian Coalition Voters Guide summarizes candidate stances on the following topic: “Permanent elimination of the “Death Tax.”
(source: Christian Coalition Voter Guide (10/31/2012)
From: http://www.ontheissues.org/2016/Ted_Cruz_Tax_Reform.htm
Warren Buffet has yet to pay the taxes the IRS claims he owes. You know, Warren’s ‘fair share’.
The Left does not consider the dispute a ‘dodge’, I suppose.
His alleged failure to pay those taxes led to substantial congressional scrutiny in 2014—and it’s not clear the investigation is over.
So . . . nothing, right?
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