Newly disclosed financial documents show that a House Democrat leading the charge against income inequality has stashed over $30 million in a tax-free international haven to support his nonprofit.
The Richard W. Goldman Foundation, which for a decade has provided charitable efforts on behalf of the disadvantaged, reported holding $32.2 million in investments harbored within the Cayman Islands, a renowned haven for wealthy individuals and corporations seeking to relieve tax burdens. The organization was founded in 2012 by Democratic Congressman Daniel Goldman of New York.
Documents filed with the Securities and Exchange Commission list Goldman as financial director for the Goldman Foundation, giving him control over where and how its assets are managed. Disclosures to House Ethics by the New York lawmaker show he has maintained a position on the foundation’s board of advisors through July 2022.
Rep. Goldman just last week issued a statement supporting President Joe Biden’s plan to raise taxes on corporations and wealthy Americans as part of his annual budget.
“At a time of record wealth inequality, the wealthiest among us must help to provide more access for others to pursue the American dream that they have benefited so much from,” Goldman stated. “I’m proud to cosponsor the Billionaire Minimum Income Tax as a long-overdue piece of legislation that will level the playing field, incentivize investment in the economy, and expand opportunities for underserved communities.”
Tax havens in the Cayman Islands became a focal point of Democrats’ attacks against Republican presidential nominee Mitt Romney in 2012. Elizabeth Warren in her first run for US Senate decried a system “rigged” by tax loopholes and offered her support for small-business owners who “bust their tails every day” and don’t stash “their money in the Cayman Islands to avoid paying their fair share in taxes.”
Rep. Goldman is an heir to the Levi Strauss company with a net worth estimated between $64 million and $253 million.