On the election trail in 2016, Donald Trump promised tax reforms to tempt major US companies back onshore and “bring back trillions of dollars from American businesses that is now parked overseas”. As the first anniversary of his election victory looms this week, Trump and fellow Republicans are trying to drive those tax reforms through Congress. On 1 November, Trump reiterated his commitment. “Finally, our plan will bring back trillions of dollars from offshore … that will come pouring back into our country that will be put to work and will be spent by our companies that could never get the money back for many years. Bring the money back. We’re rebuilding America.” But Trump is surrounded by wealthy individuals who have legally either sheltered their own investments or presided over policies to keep company profits or clients’ funds out of reach in tax havens. Gary Cohn Trump’s chief economic adviser, who is the driving force behind the White House tax reform effort, is no stranger to offshore finance. The leaked documents reveal that for various periods between 2002 and 2006, Cohn was president or vice-president of 22 separate entities in Bermuda for Goldman Sachs. As head of the bank’s… Read full this story
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