Ted Cruz Will Vote Against Tax Haven Reform

[douglas9]

Time (h/t TPM) reports that Texas Sen. Ted Cruz invested $6,000 in a company with his college roommate/debate partner, David Panton, which has turned into at least $100,000. While this is true on paper and required Cruz to make multiple amendments to his Senate financial disclosures, the story is of more interest to me for Cruz's use of a tax haven company.

The tax haven in this case is the British Virgin Islands. Caribbean Equity Partners Limited was founded by Panton, Cruz, and two other partners in 1998. Cruz's $6,000 plus help starting the firm gave him a 10 percent ownership stake, according to a spokeswoman for Cruz in response to my email inquiries. The other partners owned 30 percent apiece.

Caribbean Equity Partners Limited consisted of two separate units, Caribbean Equity Partners Limited (based in Jamaica) and Caribbean Equity Partners Limited (based in the British Virgin Islands). Cruz held stock in both of them. In the Jamaica corporation, he held 100 regular shares plus 250 Class "C" Preference Shares. He held 5,000 shares of the British Virgin Islands-incorporated company. This information comes from a Certificate of Divestiture dated January 6, 2003, filed when his wife, Heidi Cruz, took a job in the Department of the Treasury, one of many documents published by Time. The Cruz spokeswoman confirmed his ownership in both companies.

http://www.usnews.com/opinion/blogs/economic-intelligence/2013/10/25/ted-cruz-will-vote-against-tax-haven-reform

[Thinkingabout]

1. To think Cruz is not corrupt and dirty would be in total denial of reality.

I hope the good citizens of Texas wake up and make sure he is soundly defeated and stop running around cheering him on. Statewide there is not any reason why he can not be defeated. Dirt like you have pointed out on regular basis. Thanks for your post.