RELEASE: New ad: McFadden’s business exploits offshore tax havens

ST. PAUL [09/05/14]— Today, the Franken campaign released a new TV ad informing Minnesotans that investment banker Mike McFadden’s business is exploiting a Bermuda tax haven to avoid paying millions in U.S. taxes.

The ad hits airwaves across the state as major American companies like Burger King are making national news for leaving the United States to avoid paying their taxes.

The 30-second ad, titled “Bermuda,” explains that the tropical island isn’t just a popular tourist destination but a place where companies set up shop to avoid paying U.S. taxes. Those companies include McFadden’s firm, Lazard Ltd., a global investment bank that is incorporated in Bermuda for tax purposes. The ad notes, “McFadden’s company uses a special tax loophole to list its headquarters offshore and avoid paying millions of dollars in taxes in America.”

Dozens of American companies — including McFadden’s — have incorporated in Bermuda to avoid paying U.S. taxes while remaining American companies for all intents and purposes, and benefiting from U.S. protections. Republican Senator Chuck Grassley called the practice “immoral.”

“Investment banker Mike McFadden says his business record is a reason Minnesotans should vote for him. But what he doesn’t want voters to know is that his company is dodging millions in U.S. taxes by exploiting an offshore tax haven,” said Alexandra Fetissoff, Franken campaign spokeswoman.

Documentation of the ad can be found here.

TRANSCRIPT:

AL FRANKEN: I’m Al Franken, and I approved this message.

ANNOUNCER: Bermuda. Known for its beauty. Its pink beaches. And for businesses trying to avoid paying taxes. Meet investment banker Mike McFadden. He’s running for Senate in Minnesota. But McFadden’s business is based right here in Bermuda. That’s right, McFadden’s company uses a special tax loophole to list its headquarters offshore and avoid paying millions of dollars in taxes in America. Mike McFadden. He’s definitely not for you.

 

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