At a community gathering in Woodbridge, Virginia today Joe Biden addressed John McCain's support for what Biden described as "the most notorious tax loophole that exists in our law today."
Read the text of Joe Biden's statement . . .
Remarks from Senator Joe Biden
Woodbridge, VA
September 23, 2008
You know this continues something that has been a disturbing trend lately with John McCain – claiming the mantle of reform in public but promising business as usual in private.
I want to give you one example that recently that came to our attention. Take the example of the most notorious tax loophole that exists in our law today. It's this offshore deal - the Bermuda insurance loophole. Now what happens here is that big insurance companies say their headquarters are in Bermuda when in fact they're in the United States of America, but by doing that they are able under the law to send the money that they earn in America off shore to Bermuda where they don't pay any taxes on it. Now by the way folks this is no small loop hole these companies are evading between 4 and 7 billion dollars a year in tax liability. 4 to 7. They're skipping out on billions of dollars of taxes. That money could be going to insure our children who lack health care, to make sure that our veterans as they come back to the VA that the VA is not underfunded, to rebuilding bridges that are crumbling around the nation – rebuilding our infrastructure.
On the floor of the United States Senate, John spoke out against these offshore tax breaks not long ago. Then while he was in Bermuda, according to the Bermuda World Gazette the newspaper, he started singing a very, very different tune. He told local business leaders with whom he meet - covered by the paper- that he would oppose any efforts to close this loophole that exists allowing insurance companies to evade 4 to 7 billion dollars in taxes a year. And now, now we learn that shortly after he made these statements to these leaders and executives from those very companies. They held a fundraiser and contributed $50,000 to his campaign.
Now look folks, there is nothing illegal about any of that. This is the same old Washington game. And the problem is with the Washington game is everybody loses except the people playing the game in Washington. You know folks, maybe John should be asking those companies that he promised not close this loophole for – maybe he should be asking those companies to put America first.
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